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. …

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. …

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. …

According to Homburg's (2014) comment on Kim and Lee (1997), an ad-valorem property tax on land cannot cause dynamic … or greater than land rents. With such a tax, Homburg claims, land would be intrinsically worthless and the market for … land would be closed. The latter claims are invalid because, as a store of value, land can be traded at a positive price …

According to Homburg's (2014) comment on Kim and Lee (1997), an ad-valorem property tax on land cannot cause dynamic … or greater than land rents. With such a tax, Homburg claims, land would be intrinsically worthless and the market for … land would be closed. The latter claims are invalid because, as a store of value, land can be traded at a positive price …

This paper examines the possibility of overaccumulation of capital in an overlapping generations economy with land …. With zero population growth rate, the steady state equilibrium is dynamically efficient. Imposition of property tax on land …