Some stochastic control models of optimal investment, production and consumption are discussed. Mathematically, these models exhibit many similarities to portfolio optimization models, including the classical Merton model. However, the viewpoint is that of a productive economic unit, rather than of an investor. Such a unit might be a business enterprise. At a macro-economic level, the unit might be a developing national economy. One of the issues of interest concerns the risks vs benefits of high levels of debt relative to capital assets. Another issue concerns tradeoffs between optimal growth and consumption rates.