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Market Failures and Land Grant Universities

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  • Epplin, Francis M.

Abstract

One hundred and fifty years ago, the 1862 Morrill Land Grant Act was signed into law.Wise people at that time recognized that the private market for education failed to produce an efficient level of education decades before the economic theory was developed to explain that market failures reduce efficiency. The purpose of this paper is to review the history of selected events that resulted in the development of publicly funded U.S. educational institutions and to issue a challenge for our profession to do a better job of educating about the theoretical justification for using tax dollars to support university education and agricultural research and the efficiency enhancing consequences of that use.

Suggested Citation

  • Epplin, Francis M., 2012. "Market Failures and Land Grant Universities," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 44(3), pages 1-9, August.
    • Handle: RePEc:ags:joaaec:130292
    DOI: 10.22004/ag.econ.130292
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    References listed on IDEAS

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    1. Epplin, Francis M., 2012. "Market Failures and Land Grant Universities," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 44(3), pages 281-289, August.
    2. Wagner, Alfred, 1891. "Marshall's Principles of Economics," History of Economic Thought Articles, McMaster University Archive for the History of Economic Thought, vol. 5, pages 319-338.
    3. W. Lee Hansen & Michael K. Salemi & John J. Siegfried, 2002. "Use It or Lose It: Teaching Literacy in the Economics Principles Course," American Economic Review, American Economic Association, vol. 92(2), pages 463-472, May.
    4. Otto C. Doering, 2007. "The Political Economy of Public Goods: Why Economists Should Care," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 89(5), pages 1125-1133.
    5. Attavanich, Witsanu & McCarl, Bruce A., 2011. "The Effect of Climate Change, CO2 Fertilization, and Crop Production Technology on Crop Yields and Its Economic Implications on Market Outcomes and Welfare Distribution," 2011 Annual Meeting, July 24-26, 2011, Pittsburgh, Pennsylvania 103324, Agricultural and Applied Economics Association.
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    Cited by:

    1. Epplin, Francis M., 2012. "Market Failures and Land Grant Universities," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 44(3), pages 281-289, August.
    2. Doye, Damona, 2013. "Outreach Matters," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 45, pages 1-7, August.

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