Overaccumulation, Public Debt, and the Importance of Land
Autor: Homburg, Stefan
Nummer: 525, Feb 2014, pp. 24
JEL-Class: D92, E62, H63
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.
Zusammenfassung:
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