Overaccumulation, Public Debt and the Importance of Land

Stefan Homburg

German Economic Review, 2014, vol. 15, issue 4, 411-435

Abstract: type="main" xml:id="geer12053-abs-0001">

In recent contributions, von Weizsäcker (2014) and Summers (2014) maintain that mature economies accumulate too much capital. They suggest large and lasting public deficits as a remedy. This study argues that overaccumulation cannot occur in an economy with land. It presents novel data of aggregate land values, analyzes the issue within a stochastic framework and conducts an empirical test of overaccumulation.

Date: 2014
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Journal Article: Overaccumulation, Public Debt and the Importance of Land (2014)
Working Paper: Overaccumulation, Public Debt, and the Importance of Land (2014)
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