Overaccumulation, public debt, and the importance of land

Stefan Homburg

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.

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Year of publication:	2014 ; Rev. Febr. 2014
Authors:	Homburg, Stefan
Publisher:	Hannover : Leibniz Univ., Wirtschaftswiss. Fak.
Subject:	Dynamic efficiency \| overaccumulation \| land \| fiscal policy \| public debt \| Öffentliche Schulden \| Public debt \| Finanzpolitik \| Fiscal policy \| Theorie \| Theory \| Effizienz \| Efficiency

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Extent:	Online-Ressource (PDF-Datei: 25 S., 246 KB) graph. Darst.
Series:	Diskussionspapiere der Wirtschaftswissenschaftlichen Fakultät / Wirtschaftswissenschaftliche Fakultät, Universität Hannover : Hannover economic papers (HEP). - Hannover : Wirtschaftswiss. Fak., Univ., ZDB-ID 2120102-X. - Vol. 525 [rev.]
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Arbeitspapier ; Working Paper ; Graue Literatur ; Non-commercial literature
Language:	English
Notes:	Systemvoraussetzungen: Acrobat Reader
Other identifiers:	hdl:10419/96674 [Handle]
Classification:	D9 - Intertemporal Choice and Growth ; E62 - Fiscal Policy; Public Expenditures, Investment, and Finance; Taxation ; H21 - Efficiency; Optimal Taxation
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10010344962