Agroforestry Economics and Policy

L.D. Godsey; Evan Mercer; Robert K. Grala; Stephen C. Grado; Janaki R.R. Alavalapati

doi:10.2134/2009.northamericanagroforestry.2ed.c12

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Agroforestry Economics and Policy

Informally Refereed

Authors:

L.D. Godsey, Evan Mercer, Robert K. Grala, Stephen C. Grado, Janaki R.R. Alavalapati

Year:

2009

Type:

Scientific Journal

Station:

Southern Research Station

DOI:

https://doi.org/10.2134/2009.northamericanagroforestry.2ed.c12

Source:

In: H.E. Garrett (ed.), North American Agroforestry: an Integrated Science and Practice 2nd Edition. American. Society of Agronomy. Madison, WI. Pp. 315-337.

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Abstract

Essentially every living thing on Earth has applied the basic concepts of economics. That is, every living thing has had to use a limited set of resources to meet a minimum set of needs or wants. Although the study of economics is often confused with the study of markets or finance, economics is simply a social science that studies the choices people make. As a social science, economics is the study of human motivations. Or, as Landsburg (1993) put it, “most of economics can be summarized in four words: ‘People respond to incentives’.” Those incentives reflect the value of the trade-offs made between a limited set of resources and an unlimited set of wants, needs, and desires.

Citation

Godsey L.D., D.E. Mercer, R.K. Grala, S.C. Grado and J.R.R. Alavalapati. (2009) Agroforestry Economics and Policy. In: H.E. Garrett (ed.), North American Agroforestry: an Integrated Science and Practice 2nd Edition. American. Society of Agronomy. Madison, WI. Pp. 315-337.