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PR - Sustainable Family Farming – A Balance Between Economy, Ecology And Commerce

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  • Russell, Noel

Abstract

This paper explores the use of sustainability as a performance criterion in a family farming context. The proposed measure, adapted from one that has been considered by many authors for use at aggregate economy level, is focused on the need to ensure non-declining farm family welfare through time, and is based on measuring the change in the value of all productive assets controlled by the farm business using accounting prices that represent the impact on family welfare of a marginal change in the asset endowment. These accounting prices encompass the effects of prevailing technology, market conditions, ecological system characteristics and the political and economic context within which the business operates, as well as asset scarcity and substitution possibilities. The resulting measure, referred to as ‘genuine investment’ can be used to test whether any proposed plan for the farm business can support sustainable family welfare. Optimal farmer decision making is not assumed. The analysis focuses on how the measure might be implemented where the principal threat to farm business sustainability derives from economic, ecological and commercial considerations and the particular issues that emerge in these circumstances. Practical issues related to implementing this measure are also discussed.

Suggested Citation

  • Russell, Noel, 2007. "PR - Sustainable Family Farming – A Balance Between Economy, Ecology And Commerce," 16th Congress, Cork, Ireland, July 15-20, 2007 345418, International Farm Management Association.
    • Handle: RePEc:ags:ifma07:345418
    DOI: 10.22004/ag.econ.345418
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    References listed on IDEAS

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    1. Zilberman, David & Khanna, Madhu & Lipper, Leslie, 1997. "Economics of new technologies for sustainable agriculture," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 41(1), pages 1-18.
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    3. Martin L. Weitzman, 1976. "On the Welfare Significance of National Product in a Dynamic Economy," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 90(1), pages 156-162.
    4. Wilmer M. Harper & Clyde Eastman, 1980. "An Evaluation of Goal Hierarchies for Small Farm Operators," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 62(4), pages 742-747.
    5. Dasgupta, Partha, 2001. "Valuing Objects and Evaluating Policies in Imperfect Economies," Economic Journal, Royal Economic Society, vol. 111(471), pages 1-29, May.
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