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| Overview |
| Abstract |
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Land resource economics is about the study of the property rights to and generation of economic-surplus from real estate. The property rights to land allow an individual to claim the economic surplus, which is a major source of wealth to individuals. These rights to land also generate consumer surplus for society called economic development. Economic surplus or rent is the return to a factor of production such as land that is available at less than perfectly elastic supply. The lessons learned about the property rights in and economic surplus from land can be generalizing to other fixed factors. |
A
penguin trap: The first one in the water may be eaten by a shark,
but if they don't jump in they will starve. |
| Campus Time and Place |
TTH 9:30-10:45 AM
Albertson Bldg 203
Moscow, Idaho |
| Texts |
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Barlowe, Raleigh.
Land Resource Economics. Englewood Cliffs: Prentice-Hall, 1986. 4th ed.
Ostrom,
Elinor. Governing the Commons. Cambridge,
Great Britain, Cambridge Press, 1990.
Cooke,
Stephen. A Theory of Economic Rent. Unpublished Ph.D. manuscript.
1985 (available on line)
Other
book chapters and journal articles (available on line)
Reference
Fairfax,
Sally and Carolyn Yale. Federal Lands. Washington, D.C.:
Island Press, 1987.
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| Instructor |
Dr. Stephen C. Cooke
Associate Professor
Room 24 Agricultural Sciences Bldg.
Dept of Agricultural Economics
& Rural Sociology
University of Idaho
Phone: 208-885-7170
Email: scooke@uidaho.edu
Web: http://www.its.uidaho.edu/agec451/
Office hours: 8:00-10:00 am Friday |
| Vita in Brief |
B. A., History, 1970, University of Vermont
M. Ed., Education, 1972, University of Vermont
M. A., Economics, 1978, Michigan State University
Ph. D., Agricultural Economics, 1985, Michigan State University
Specializations: agricultural and rural development,
economics of public choice
Research Associate, University of Minnesota, 1983-1986.
University of Idaho, 1987-present |
| Other
Information |
| Prerequisite Knowledge
An intermediate level of understanding of production economics, e.g. this theory of resource allocation is based on variable cost factors of production. Returns to land depend on four variables: price and quantity of variable inputs and the price and quantity of outputs. There are three stages of production; logical production occurs in stage II between where marginal physical product equals average physical and where marginal physical product equals zero. Profits are maximized when producing at the point where marginal costs equals marginal revenue and average variable cost is minimum. |
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Background concepts and readings
AP, MP, AR, MR, AVC, AFC, ATC, MC, MVP,
MFC, TR, TC (for an explanation see below.)
Glenn Johnson, "The Amount of a Resource to Use" pp. 39-54.
Economics and Management in Agriculture, Warren Vincent (Ed.) 1962
Glenn Johnson, "Using More than one Variable Resource to Produce one
Product" pp. 55-81.
Economics and Management in Agriculture, Warren Vincent (Ed.) 1962
Alpha C. Chiang. Fundamental Methods of Mathematical Economics (2nd ed.) pp.
287-294, 456-459.
Nelson, Lee, & Murray. Agricultural Finance (6th ed.) pp.
43-45, 398-402.
Raleigh Barlowe. Land Resource Economics (4th ed.) pp. 159-163, 186-187, 272-273.
The ability to use MS-Word; MS-Excel, MS-Power Point software or equivalent.
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