Details
| Original language | English |
|---|---|
| Pages (from-to) | 411-435 |
| Number of pages | 25 |
| Journal | German economic review |
| Volume | 15 |
| Issue number | 4 |
| Publication status | Published - 1 Dec 2014 |
Abstract
In recent contributions, vetype=video%2Fmp4.zon Weizsäcker (2014) and Summers (2014) maintain that mature economies accumulate too much capital. They suggest large and lasting public deficits as a remedy. This study argues that overaccumulation cannot occur in an economy with land. It presents novel data of aggregate land values, analyzes the issue within a stochastic framework and conducts an empirical test of overaccumulation.
Keywords
- Dynamic efficiency, Fiscal policy, Land, Overaccumulation, Public debt
ASJC Scopus subject areas
- Economics, Econometrics and Finance(all)
- Economics and Econometrics
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In: German economic review, Vol. 15, No. 4, 01.12.2014, p. 411-435.
Research output: Contribution to journal › Article › Research › peer review
}
TY - JOUR
T1 - Overaccumulation, Public Debt and the Importance of Land
AU - Homburg, Stefan
PY - 2014/12/1
Y1 - 2014/12/1
N2 - In recent contributions, vetype=video%2Fmp4.zon Weizsäcker (2014) and Summers (2014) maintain that mature economies accumulate too much capital. They suggest large and lasting public deficits as a remedy. This study argues that overaccumulation cannot occur in an economy with land. It presents novel data of aggregate land values, analyzes the issue within a stochastic framework and conducts an empirical test of overaccumulation.
AB - In recent contributions, vetype=video%2Fmp4.zon Weizsäcker (2014) and Summers (2014) maintain that mature economies accumulate too much capital. They suggest large and lasting public deficits as a remedy. This study argues that overaccumulation cannot occur in an economy with land. It presents novel data of aggregate land values, analyzes the issue within a stochastic framework and conducts an empirical test of overaccumulation.
KW - Dynamic efficiency
KW - Fiscal policy
KW - Land
KW - Overaccumulation
KW - Public debt
UR - http://www.scopus.com/inward/record.url?scp=84939263526&partnerID=8YFLogxK
U2 - 10.1111/geer.12053
DO - 10.1111/geer.12053
M3 - Article
AN - SCOPUS:84939263526
VL - 15
SP - 411
EP - 435
JO - German economic review
JF - German economic review
SN - 1465-6485
IS - 4
ER -