In 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.
Details
Title
Agrarökonomik zur Jahrhundertwende – Bewährtes und Unorthodoxes
Other Titles
Agricultural Economics at the Millennium – Established and Unorthodox Concepts