The chapters in this volume address the range of economic issues
concerning the value of farmland. Beginning with a historical perspective, the
focus progresses to the interaction between government policies and farmland
values, then to the mechanics and behavior of the markets for land, the major
farm business asset. These markets have special characteristics that make
transaction costs a significant component of a land purchase, and these aspects
are also considered. The more contemporary influences of urbanization and also
environmental subsidies and regulations are examined next, with concluding
chapters about special circumstances in regional farmland markets. Taken
together, these chapters represent a most comprehensive and timely look at
farmland values. The future prospects for trade liberalization and domestic
policy reform, for ongoing farmland conversion, and for management of
environmental quality mean that farmland values, with their undeniable
importance to farm businesses and households, will continue to be of key
interest.