Land has long been neglected in economics. That is now changing. Recently, seven teams from Australia, the European Union, and the USA have, for the first time, included land use in their computable general equilibrium models, the work horses of economic policy analysis. This book describes and critically assesses the underlying data, the methodologies used, and the first applications.
'Across the material we find three aspects in this book that we think are particularly valuable. The first is the emphasis on the economics of global scale land-based mitigation, land competition, and conventional land use opportunity costs. Second, there is material presented on the design of CGE models to capture land availability, competition, and physical characteristics. Third and finally, the authors discuss and assess deficiencies in the studies presented and identify directions for future research'.
- Jianhong Mu, Siyi Feng and Bruce A. McCarl, Texas A&M University, USA