Interest and Growth in an Economy with Land
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.
Volume (Year): 24 (1991)
Issue (Month): 2 (May)
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