Overaccumulation, Public Debt and the Importance of Land

Homburg Stefan
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Homburg Stefan: Leibniz University of Hannover, Welfengarten 1,Hannover, Germany

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

Abstract: 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.

Keywords: Dynamic efficiency; overaccumulation; land; fiscal policy; public debt (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (13)

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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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DOI: 10.1111/geer.12053

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