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Dynamic Inefficiency in an Economy with Land.

By Changyong Rhee

Abstract

Contrary to the belief that capital overaccumulation is impossible in an economy with land--i.e., a nonreproducible factor of production--this paper shows that the possibility of dynamic inefficiency depends on the income share of land and examines the historical tendencies of the income share of land in the United States. Copyright 1991 by The Review of Economic Studies Limited.

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