Pioneers in The Field
The recursive paradigm originated in control theory with the invention of dynamic programming by the American mathematician Richard E. Bellman in the 1950s. Bellman described possible applications of the method in a variety of fields, including Economics, in the introduction to his 1957 book Stuart Dreyfus, David Blackwell, and Ronald A. Howard all made major contributions to the approach in the 1960s.
In addition, some scholars also cite the Kalman filter invented by Rudolf E. Kalman and the theory of the maximum formulated by Lev Semenovich Pontryagin as forerunners of the recursive approach in economics.
Read more about this topic: Recursive Economics
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