Agrarökonomik zur Jahrhundertwende - Bewährtes und Unorthodoxes

Abstract

Agricultural Economics at the Millennium - Established and Unorthodox ConceptsIn this farewell lecture some concepts important for (agricultural) economics are discussed. Special emphasis is given to the Invisible Hand of Adam Smith, sunk costs, information economics, path dependency, error tolerance and redundancy. It is proposed that agricultural economists follow closely new developments in economics proper. Key Words: Equilibrium; sunk costs; game theory; opportunism; rationality; path dependency; error tolerance; social rate of discount