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The Market Mechanism, Externalities, and Land Economics

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  • Emery N. Castle

Abstract

The literature on external economies, diseconomies, and indivisibilities is related to past, present, and emerging land management problems. A definition of externalities and indivisibilities is provided and applied to problems of quality, common property resources, and outdoor recreation. Criteria for the evaluation of land management institutions are suggested and discussed. Current and past research efforts are examined in light of the perspective provided by the article. It is suggested that both the tools of neoclassical economics and the relevance of institutional economics might be combined profitably in the study of land economics problems. It was concluded that historical research efforts have tended to be polarized: the production economics-oriented group has been heavily oriented toward the internal aspects of individual firm theory; traditional land economists, while working on relevant problems, have not always made the best of existing theory in the evaluation of land management institutions.

Suggested Citation

  • Emery N. Castle, 1965. "The Market Mechanism, Externalities, and Land Economics," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 47(3), pages 542-556.
    • Handle: RePEc:oup:ajagec:v:47:y:1965:i:3:p:542-556.
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    File URL: http://hdl.handle.net/10.2307/1236272
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    Cited by:

    1. Clive L. Spash, 2019. "Making Pollution into a Market Failure Rather Than a Cost-Shifting Success: The Suppression of Revolutionary Change in Economics," SRE-Disc sre-disc-2019_06, Institute for Multilevel Governance and Development, Department of Socioeconomics, Vienna University of Economics and Business.
    2. Yanay Farja, 2017. "Price and distributional effects of privately provided open space in urban areas," Landscape Research, Taylor & Francis Journals, vol. 42(5), pages 543-557, July.
    3. National Resource Economics Division, Economics, Statistics, and Cooperatives Service, 1979. "Natural Resource Capital in U.S. Agriculture: Irrigation, Drainage and Conservation Investments Since 1900," Economics Statistics and Cooperative Services (ESCS) Reports 329202, United States Department of Agriculture, Economic Research Service.
    4. Beattie, Bruce R. & Thompson, C. Stassen & Boehlje, Michael, 1974. "Product Complementarity In Production: The By-Product Case," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 6(2), pages 1-5, December.
    5. Phillips, Willard, 2012. "Regional environmental policy and sustainable tourism development in the Caribbean," Studies and Perspectives – ECLAC Subregional Headquarters for The Caribbean 5051, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    6. Norton, George W., 1976. "Constraints To Increasing Livestock Production In Less Developed Countries: A Literature Review," Staff Papers 14043, University of Minnesota, Department of Applied Economics.
    7. Anderson, Terry L., 1982. "The New Resource Economics: Old Ideas And New Applications," 1982 Annual Meeting, August 1-4, Logan, Utah 279161, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    8. Jouravlev, Andrei & Lee, Terence R., 1998. "Prices, property and markets in water allocation," Medio Ambiente y Desarrollo 5735, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    9. Spash, Clive L., 2021. "The History of Pollution ‘Externalities’ in Economic Thought," SRE-Discussion Papers 2021/01, WU Vienna University of Economics and Business.
    10. Grolleau, Gilles & McCann, Laura M.J., 2012. "Designing watershed programs to pay farmers for water quality services: Case studies of Munich and New York City," Ecological Economics, Elsevier, vol. 76(C), pages 87-94.
    11. Pavelis, George A., 1985. "Natural Resource Capital Formation in American Agriculture: Irrigation, Drainage, and Conservation, 1855-1980," Staff Reports 277800, United States Department of Agriculture, Economic Research Service.
    12. Randall, Alan, 1982. "Policy Science In The Land-Grant Complex: A Perspective On Natural Resource Economics," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 14(1), pages 1-8, July.
    13. Charles Wright, 1977. "A note on the decision rules of public regulatory agencies," Public Choice, Springer, vol. 31(1), pages 151-155, September.
    14. Headley, J. Charles, 1972. "Agricultural Productivity, Technology and Environmental Quality," 1972 Annual Meeting, August 20-23, Gainesville, Florida 337291, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    15. Weber, Bruce A., 1997. "Crossing The Next Meridian: The Economics Of Rural-Urban Interdependence, Institutions And Income Distribution In The American West," 1997 Annual Meeting, July 13-16, 1997, Reno\ Sparks, Nevada 35785, Western Agricultural Economics Association.

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