Overaccumulation, Public Debt, and the Importance of Land

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.

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Year of publication:	2014
Authors:	Homburg, Stefan
Publisher:	Kiel und Hamburg : ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft

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Series:	Beiträge zur Jahrestagung des Vereins für Socialpolitik 2014: Evidenzbasierte Wirtschaftspolitik - Session: Capital Accumulation ; F05-V3
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Conference Paper
Language:	English
Other identifiers:	819152137 [GVK] hdl:10419/100431 [Handle] RePEc:zbw:vfsc14:100431 [RePEc]
Classification:	D92 - Intertemporal Firm Choice and Growth, Investment, or Financing ; E62 - Fiscal Policy; Public Expenditures, Investment, and Finance; Taxation ; H63 - Debt; Debt Management
Source:	EconStor

Persistent link: https://www.econbiz.de/10010396899