Global Journal of Biology, Agriculture & Health Sciences

Shaping Values in Agricultural Economics and their Developments

D Akinyele^* Department of Agricultural Engineering, Olabisi Onabanjo University, Ago-Iwoye, Nigeria
^*Correspondence: D Akinyele, Department of Agricultural Engineering, Olabisi Onabanjo University, Ago-Iwoye, Nigeria, Email:

Received: 02-Mar-2022, Manuscript No. GJBAHS-22-16383; Editor assigned: 04-Mar-2022, Pre QC No. GJBAHS-22-16383 (PQ); Reviewed: 18-Mar-2022, QC No. GJBAHS-22-16383; Revised: 25-Mar-2022, Manuscript No. GJBAHS-22-16383 (R); Published: 02-Apr-2022, DOI: 10.35248/2319-5584.22.11.126

Description

Agricultural economics is a study of the allocation, distribution, and application of the resources used, along with the goods produced by husbandry. Agricultural economics plays a part in the economics of development, for a non-stop level of farm surplus is one of the wellsprings of technological and marketable growth.

In general, one can say that when a large form of a country’s population depends on farming for its livelihood, average inflows are low [1]. That doesn't mean that a country is poor because utmost of its population is engaged in farming; it's near to the verity to say that because a country is poor, utmost of its people must calculate upon farming for a living.

The relative significance of agriculture declines as a country develops economically. For illustration, if a family’s income were to increase by 100 percent, the quantum it would spend on food might increase by 60 percent; if formerly its expenditures on food had been 50 percent of its budget, after the increase they would amount to only 40 percent of its budget [2]. It follows that as inflows increase, a lower bit of the total resources of society is needed to produce the quantum of food demanded by the population.

Agricultural economics is an applied discipline with an astronomically based on development proposition. The significance of farming in profitable development has led to pressing demands on the part which agrarian economists are needed to play. At all stages, a major part of the planning and perpetration input is contributed by agricultural economists. The development of agricultural economics was thus dynamic as well as problem related.

In the field of environmental economics, agricultural economists have contributed in three main areas designing impulses to control environmental externalities (similar as water pollution due to agriculture product), estimating the value of non-market benefits from natural resources and environmental amenities, and the complex interaction between profitable conditioning and environmental consequences. With regard to natural resources, agricultural economists have developed quantitative tools for perfecting land management, precluding erosion, managing pests, guarding biodiversity, and precluding beast conditions [3].

While at one time, the field of agricultural economics was concentrated primarily on farm- position issues, in recent years agricultural economists have studied different topics related to the economics of food consumption. In addition to economists' long standing emphasis on the goods of prices and inflows, experimenters in this field have studied how information and quality attributes impact consumer behavior. Agricultural economists have contributed to understanding how homes make choices between purchasing food or preparing it at home, how food prices are determined, delineations of poverty thresholds, how consumers respond to price and income changes in a harmonious way, and check and experimental tools for understanding consumer preferences [4].

Agricultural economics exploration has addressed dwindling returns in agriculture product, as well as farmer’s costs and force responses. Important exploration has applied profitable proposition to farm- position opinions. Studies of threat and decision making under query have real-world management to crop insurance programs and to understanding how growers in developing countries make choices about technology relinquishment. These topics are important for understanding prospects for producing sufficient food for a growing world population, subject to new resource and environmental challenges similar as water failure and global climate change.

Development economics is astronomically concerned with the enhancement of living conditions in low- income countries, and the enhancement of profitable performance in low income settings. Because agriculture is a large part of utmost developing farming, both in terms of employment and share of GDP, agricultural economists have been at the van of empirical exploration on development economics, contributing to our understanding of agriculture’s part in profitable development, profitable growth and structural metamorphosis [5]. Numerous agricultural economists are interested in the food systems of developing agriculture, the linkages between agriculture and nutrition, and the ways in which agriculture interact with other disciplines, similar as the natural environment.

REFERENCES

1. Vítor Joao Pereira Domingues Martinho. Interrelationships between renewable energy and agricultural economics: an overview. Energy Strategy Rev. 2018;22(4):396-409.

   [Crossref] [Google Scholar]

2. Jason Potts, Tim Kastelle. Economics of innovation in australian agricultural economics and policy. Econ Anal Policy. 2017;54(2):96-104.

   [Crossref] [Google Scholar]

3. Kathy Baylis, Thomas Heckelei, Hugo Storm. Machine learning in agricultural economics. Eur Rev Agric Econ. 2020;47(3):849-892.

   [Crossref] [Google Scholar]

4. Vítor Joao Pereira Domingues Martinho. Best management practices from agricultural economics: Mitigating air, soil and water pollution. Sci Total Environ. 2019;688(3): 346-360.

   [Crossref] [Google Scholar] [PubMed]

5. Alan de Brauw, Vivian Hoffmann. The influence of the 2019 nobel prize winners on agricultural economics. World Development. 2020;127: 104793.

   [Crossref] [Google Scholar]