Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/96674
Authors: 
Homburg, Stefan
Year of Publication: 
2014
Series/Report no.: 
Discussion Paper, Wirtschaftswissenschaftliche Fakultät, Leibniz Universität Hannover 525
Abstract: 
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.
Subjects: 
Dynamic efficiency
overaccumulation
land
fiscal policy
public debt
JEL: 
D9
E62
H21
Document Type: 
Working Paper

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