Books by Martin L. Weitzman

Martin L. Weitzman, one of America's leading economic theorists, has hit upon a central feature of our economic life as the cause of staflaction: the standard practice of paying workers a fixed wage, regardless of whether a company is doing well or poorly. Weitzman shows why an alternative labor payment system, in which a significant number of firms share profits revenues with their employees, provides immunity against stagflation by automatically soaking up unemployed labor and resisting inflation.

This compact and original exposition of optimal control theory and applications is designed for graduate and advanced undergraduate students in economics. It presents a new elementary yet rigorous proof of the maximum principle and a new way of applying the principle that will enable students to solve any one-dimensional problem routinely.