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Reexamination of Dynamic Efficiency with Taxation on Land

  • Kim, K-S.
  • Lee, J.

This paper examines the possibility of overaccumulation of capital in an overlapping generations economy with land. With zero population growth rate, the steady state equilibrium is dynamically efficient. Imposition of property tax on land, however, distorts the arbitrage condition and can generate dynamic inefficiency, whereas a tax on rental incomes or capital gains preserves dynamic efficiency. Even with a positive growth rate in population, property tax can still generate dynamic inefficiency.

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Paper provided by California Irvine - School of Social Sciences in its series Papers with number 96-97-03.

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Length: 13 pages
Date of creation: 1996
Date of revision:
Handle: RePEc:fth:calirv:96-97-03
Contact details of provider: Postal: UNIVERSITY OF CALIFORNIA IRVINE, SCHOOL OF SOCIAL SCIENCES, IRVINECALIFORNIA 91717 U.S.A.

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  1. Kim, K-S. & Lee, J., 1996. "Reexamination of Dynamic Efficiency with Taxation on Land," Papers 96-97-03, California Irvine - School of Social Sciences.
  2. Rhee, Changyong, 1991. "Dynamic Inefficiency in an Economy with Land," Review of Economic Studies, Wiley Blackwell, vol. 58(4), pages 791-97, July.
  3. Feldstein, Martin S, 1977. "The Surprising Incidence of a Tax on Pure Rent: A New Answer to an Old Question," Journal of Political Economy, University of Chicago Press, vol. 85(2), pages 349-60, April.
  4. Nichols, Donald A, 1970. "Land and Economic Growth," American Economic Review, American Economic Association, vol. 60(3), pages 332-40, June.
  5. Olivier Jean Blanchard & Stanley Fischer, 1989. "Lectures on Macroeconomics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262022834, June.
  6. Stefan Homburg, 1991. "Interest and Growth in an Economy with Land," Canadian Journal of Economics, Canadian Economics Association, vol. 24(2), pages 450-59, May.
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