A theory of the optimal amount of public ownership of land
AbstractA major issue in reforming previously planned economies is the creation of assets markets. In this paper, it is argued that the mere characteristics of the assets to be privatized matter. Indeed, private ownership of land. It is the purpose of this paper to provide a theory of such rate. We make use of a two-sectors overlapping generations model economy with land and capital. We find a version of the second welfare theorem : the command optimum can be decentralized using one and only one instrument, i.e. the rate of land publicly held. We call such a rate the optimal rate of public ownership of land.
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Bibliographic InfoPaper provided by Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) in its series Discussion Papers (REL - Recherches Economiques de Louvain) with number 1997031.
Date of creation: 01 Sep 1997
Date of revision:
Find related papers by JEL classification:
- D90 - Microeconomics - - Intertemporal Choice - - - General
- H82 - Public Economics - - Miscellaneous Issues - - - Governmental Property
- O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
- Q15 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Land Ownership and Tenure; Land Reform; Land Use; Irrigation; Agriculture and Environment
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- Dusansky Richard & Wilson Paul W., 1993. "The Demand for Housing: Theoretical Considerations," Journal of Economic Theory, Elsevier, vol. 61(1), pages 120-138, October.
- Malinvaud, Edmond, 1987. "The Overlapping Generations Model in 1947," Journal of Economic Literature, American Economic Association, vol. 25(1), pages 103-05, March.
- Rhee, Changyong, 1991. "Dynamic Inefficiency in an Economy with Land," Review of Economic Studies, Wiley Blackwell, vol. 58(4), pages 791-97, July.
- Homburg, Stefan, 1992. "Efficient Economic Growth," EconStor Books, ZBW - German National Library of Economics, number 92903.
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