Overaccumulation, Public Debt, and the Importance of Land

Stefan Homburg

VfS Annual Conference 2014 (Hamburg): Evidence-based Economic Policy from Verein für Socialpolitik / German Economic Association

Abstract: In recent contributions, Weizs cker (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.

JEL-codes: D92 E62 H63 (search for similar items in EconPapers)
Date: 2014
New Economics Papers: this item is included in nep-mac
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Citations: View citations in EconPapers (18)

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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:zbw:vfsc14:100431

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