Origins
Economics is the study of resource allocation under scarcity. Agronomics, or the application of economic methods to optimizing the decisions made by agricultural producers, grew to prominence around the turn of the 20th century. The field of agricultural economics can be traced out to works on land economics. Henry Charles Taylor was the greatest contributor with the establishment of the Department of Agricultural Economics at Wisconsin in 1909.
Another contributor, Theodore Schultz was among the first to examine development economics as a problem related directly to agriculture. Schultz was also instrumental in establishing econometrics as a tool for use in analyzing agricultural economics empirically; he noted in his landmark 1956 article that agricultural supply analysis is rooted in "shifting sand," implying that it was and is simply not being done correctly.
Read more about this topic: Agricultural Economics
Famous quotes containing the word origins:
“Lucretius
Sings his great theory of natural origins and of wise conduct; Plato
smiling carves dreams, bright cells
Of incorruptible wax to hive the Greek honey.”
—Robinson Jeffers (1887–1962)
“The origins of clothing are not practical. They are mystical and erotic. The primitive man in the wolf-pelt was not keeping dry; he was saying: “Look what I killed. Aren’t I the best?””
—Katharine Hamnett (b. 1948)
“Grown onto every inch of plate, except
Where the hinges let it move, were living things,
Barnacles, mussels, water weeds—and one
Blue bit of polished glass, glued there by time:
The origins of art.”
—Howard Moss (b. 1922)