Economics
Socioeconomic aspects of sustainability are also partly understood. Regarding less concentrated farming, the best known analysis is Netting's study on smallholder systems through history. The Oxford Sustainable Group defines sustainability in this context in a much broader form, considering effect on all stakeholders in a 360 degree approach
Given the finite supply of natural resources at any specific cost and location, agriculture that is inefficient or damaging to needed resources may eventually exhaust the available resources or the ability to afford and acquire them. It may also generate negative externality, such as pollution as well as financial and production costs.
The way that crops are sold must be accounted for in the sustainability equation. Food sold locally does not require additional energy for transportation (including consumers). Food sold at a remote location, whether at a farmers' market or the supermarket, incurs a different set of energy cost for materials, labour, and transport.
Read more about this topic: Sustainable Agriculture
Famous quotes containing the word economics:
“There is no such thing as a free lunch.”
—Anonymous.
An axiom from economics popular in the 1960s, the words have no known source, though have been dated to the 1840s, when they were used in saloons where snacks were offered to customers. Ascribed to an Italian immigrant outside Grand Central Station, New York, in Alistair Cooke’s America (epilogue, 1973)
“Women’s battle for financial equality has barely been joined, much less won. Society still traditionally assigns to woman the role of money-handler rather than money-maker, and our assigned specialty is far more likely to be home economics than financial economics.”
—Paula Nelson (b. 1945)
“I am not prepared to accept the economics of a housewife.”
—Jacques Chirac (b. 1932)