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Interest and Growth in an Economy with Land


  • Stefan Homburg


Dynamic inefficiency means that, in a growing economy, some generations can be made better off without making others worse off. In the following article, the author shows that dynamic inefficiency is ruled out if there exists a nonproducible productive asset, that is, land. This claim is established for arbitrary growth paths--not only for steady states.

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  • Stefan Homburg, 1991. "Interest and Growth in an Economy with Land," Canadian Journal of Economics, Canadian Economics Association, vol. 24(2), pages 450-459, May.
  • Handle: RePEc:cje:issued:v:24:y:1991:i:2:p:450-59

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    References listed on IDEAS

    1. Choudhri, Ehsan U & Kochin, Levis A, 1980. "The Exchange Rate and the International Transmission of Business Cycle Disturbances: Some Evidence from the Great Depression," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 12(4), pages 565-574, November.
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