FARE 1300 Lecture Notes - Lecture 5: Workforce Productivity, Transaction Cost, Food Security

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Lower transaction cost: transactions on markets & cost of coordination within an organization. Land productivity in agricultural production by region, 2010. Relative scarcity of land; the less abundant it is, the higher the incentive to increase productivity per land unit. Availability of critical inputs; quality seeds, fertilizers, pesticides. Labour productivity relatively high wages to attract workforce. Competition for workers between industries; farmers in north america have to pay. Capital/technology has replace labour in north america. Knock on e ects: (income, food security, social status; reduced) Climatic conditions also matter as some temperatures become too hot to work in. Not limited to green e orts; varieties were made to increase yield per acre. Likelihood & duration of famines were much reduced due to higher yields. Cost: higher pesticide use, irrigation"s increased use, higher yields lead to higher incomes which lead to better lives. Pollution has gone up (land & water)

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