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 …