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Dynamic Inefficiency in an Economy with Land

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Author Info
Rhee, Changyong
Abstract

Contrary to the belief that capital overaccumulation is impossible in an economy with land--i.e., a nonreproducible factor of production--this paper shows that the possibility of dynamic inefficiency depends on the income share of land and examines the historical tendencies of the income share of land in the United States. Copyright 1991 by The Review of Economic Studies Limited.

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Publisher Info
Article provided by Blackwell Publishing in its journal Review of Economic Studies.

Volume (Year): 58 (1991)
Issue (Month): 4 (July)
Pages: 791-97
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Handle: RePEc:bla:restud:v:58:y:1991:i:4:p:791-97

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  1. Hernando Zuleta, 2007. "Biased Technological Change, Human Capital and Factor Shares," DOCUMENTOS DE TRABAJO 004380, UNIVERSIDAD DEL ROSARIO - FACULTAD DE ECONOMÍA. [Downloadable!]
  2. Marko Koethenbuerger & Panu Poutvaara, 2002. "Social Security Reform and Intergenerational Trade: Is there Scope for a Pareto-Improvement?," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
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  3. Barbie, Martin & Hagedorn, Marcus & Kaul, Ashok, 2000. "Dynamic Efficiency and Pareto Optimality in a Stochastic OLG Model with Production and Social Security," IZA Discussion Papers 209, Institute for the Study of Labor (IZA). [Downloadable!]
  4. Bertrand Crettez & Claire Loupias & Philippe Michel, 1997. "Croissance et modes de propriété des terres," Annales d'Economie et de Statistique, ADRES, issue 48, pages 07, Octobre-D. [Downloadable!]
  5. Wolfram Richter, 1993. "Intergenerational risk sharing and social security in an economy with land," Journal of Economics, Springer, vol. 7(1), pages 91-103, December. [Downloadable!] (restricted)
  6. Hernando Zuleta, 2006. "Factor saving innovations and factor income shares," DOCUMENTOS DE TRABAJO 002706, UNIVERSIDAD DEL ROSARIO - FACULTAD DE ECONOMÍA. [Downloadable!]
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