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Interest and Growth in an Economy with Land

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  • Stefan Homburg
Abstract
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.

Suggested Citation

  • 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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