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Agricultural Economics 3rd edition
Authors: H Evan Drummond, H Evan Drummond PhD, John W Goodwin
Publisher: Prentice Hall
Details of the book:
Agricultural Economics take on the very important topic of the food system and strives to offer a broad and comprehensive coverage of the subject. The book attempts to put forth both macro and micro economic view of the economy in relation to the current food system situation. Starting with the micro economic platform, the book elucidates the theory involved in this area with an inexhaustible flow of examples from the food and agricultural fields. Similarly the macroeconomic aspects covered in this text are not solely theory based; they are supplemented amply with their practical illustrations i.e. real world applications.
The text offers a broad ranging coverage of the food system in both its micro and macro aspects documented; it addresses the underlying relations both between and among all players in the food and agriculture industry like the open economy, financial institutions, international or world markets, farms and farming sector, government programs, agribusinesses, food marketing, and finally the one aspect which has a direct or indirect bearing on everything we are or do - the environment.
The basic design of the text allows the course instructors or teachers using them much flexibility in adapting the book to their own syllabi. The text offers a general view of a wide range of topics thus not limiting its audience by focusing majorly on a choice few subjects. It serves as a good introductory guide on the subject of agricultural economics.
The book contains the following:
- The first part of the text begins by laying a foundation on the subject thus covering the basic and fundamental most points like an introduction to the food industry, agricultural economics and market price determination.
- The following part moves up to the next block of information i.e. microeconomics. Here the chapters focus on topics like the production unit, optimal output levels and related costs of production, demand and supply, market adjustments, government policies and regulation, consumer behavior and choice, imperfect competition and the concept of elasticity.
- After micro, the third part focuses on the issues of macroeconomics. Here one can find matter on issues like money, monetary and financial policy, the circular flow of income, the role of intermediaries in the field of finance, international trade and most importantly agricultural policy.
- Finally, the fourth and concluding part of the book focuses on some advanced topics - food marketing: from source to consumer, markets of the future, farm sector, financial markets, analysis of investment in this field, food and economic development, he Malthusian dilemma etc.