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Agroforestry Economics and PolicyAuthor(s): L.D. Godsey; D. Evan Mercer; Robert K. Grala; Stephen C. Grado; Janaki R.R. Alavalapati
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.
Publication Series: Scientific Journal (JRNL)
PDF: Download Publication (799.33 KB)
DescriptionEssentially 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.
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CitationGodsey 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.
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