We summarize Loo-Keng Hua's important update on economic optimization theory before his immortal death, which unfortunately fell asleep for 37 years and was not awakened until the end of 2021. Next, we introduce its subsequent progress, including one revision, one re-update, and five new developments: a new method for stability analysis; product (industry) level (ranking); prediction and adjustment; optimization of economic structure; efficient algorithms for reordering and large matrix principal eigenvalues (as well as the top 6 eigenvalues in major and minor order). It is rare that multiple transformations provide exactly the same unstable time and product. In the early years, the proof of the Hua's economic collapse theorem was based on the ergodic theorem of the Markov chain, and the recent results are all based on the transition probability matrix of the Markov chain, which may be seen as a new approach to economic optimization research. These achievements have been applied to one provincial-level and five national level input-output tables in China, testing the rationality and reliability of the theory.

economic optimization  /  stability analysis  /  productrank  /  prediction and adjustment  /  economic structural optimization  /  algorithm  /  Markov chain