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Interest and Growth in an Economy with Land

Stefan Homburg

Canadian Journal of Economics, 1991, vol. 24, issue 2, 450-59

Abstract: Dynamic inefficiency means that, in a growing economy, some generations can be made better off without making others worse off. In the following article, the author shows that dynamic inefficiency is ruled out if there exists a nonproducible productive asset, that is, land. This claim is established for arbitrary growth paths--not only for steady states.

Date: 1991
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