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Empty Spaces

Author

Listed:
  • Mason Gaffney

    (Department of Economics, University of California Riverside)

Abstract

Construction is not the best use of capital when the objective is to make jobs, and loanable funds are scarce. Construction is more capital-intensive than labor-intensive. In addition, we presently have a glut of finished but unused buildings, the result of years of fiscal bias that has diverted investors from working capital to construction. Lenders have also been diverted by the use of soaring and volatile land values as collateral. The solution is to reverse the fiscal biases, which are identified, and apply selective credit controls to lenders, keeping them away from depending on real estate collateral.

Suggested Citation

  • Mason Gaffney, 2009. "Empty Spaces," Working Papers 200903, University of California at Riverside, Department of Economics, revised Jan 2009.
    • Handle: RePEc:ucr:wpaper:200903
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    File URL: https://economics.ucr.edu/emptyspaces.pdf
    File Function: First version, 2009
    Download Restriction: no
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    More about this item

    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • H20 - Public Economics - - Taxation, Subsidies, and Revenue - - - General

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