Dynamic Inefficiency in an Economy with Land

Changyong Rhee

The Review of Economic Studies, 1991, vol. 58, issue 4, 791-797

Abstract: Contrary to the belief that capital over-accumulation is impossible in an economy with land—i.e. a non-reproducible factor of production, this paper shows that the possibility of dynamic inefficiency depends on the income share of land, and examines the historical tendencies of the income share of land in the U.S.

Date: 1991
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Persistent link: https://EconPapers.repec.org/RePEc:oup:restud:v:58:y:1991:i:4:p:791-797.

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