Overaccumulation, Public Debt, and the Importance of Land

Stefan Homburg

Hannover Economic Papers (HEP) from Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät

Abstract: In recent contributions, Weizsäcker (2014) and Summers (2014) maintain that mature economies accumulate too much capital. They suggest large and lasting public deficits as a remedy. This paper argues that overaccumulation cannot occur in an economy with land. It presents novel data of aggregate land values, analyzes the issue in 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)
JEL-codes: D9 E62 H21 (search for similar items in EconPapers)
Pages: 24 pages
Date: 2014-02
New Economics Papers: this item is included in nep-mac, nep-pbe and nep-pub
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (21)

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http://diskussionspapiere.wiwi.uni-hannover.de/pdf_bib/dp-525.pdf (application/pdf)

Related works:
Journal Article: Overaccumulation, Public Debt and the Importance of Land (2014)
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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Persistent link: https://EconPapers.repec.org/RePEc:han:dpaper:dp-525

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