Agricultural Economics

Agricultural Economics Overview

Many argue that without agricultural economics, agriculture only serves the purpose of feeding a hungry planet. The sub-discipline which deals with the efficient distribution of resources in farming also focuses on the conduct of research and data analysis to guide the formulation of policies. Agricultural economics most importantly enables the optimization of on-farm decisions by applying basic economic principles in the distribution of scarce resources with the expectation of optimal yields.
Agricultural economics is intertwined with other sub-disciplines like rural development, extension, econometrics/statistics, environmental and development economics. Therefore, it is essential to domestic and international trade, economic growth, and development. In driving sustainability of agricultural development, agricultural economics plays a noteworthy role of assembling resources that support sustainable food systems to produce enough food with limited environmental, economic and social trade-offs.

Rising inflation rates, shrinkage of the supply chain due to the COVID-19 pandemic and the ongoing Russian-Ukraine war, high interest rate, shortages and heightened prices of agricultural inputs, low government investment and climate change impact in the form of floods, desertification, hurricanes etc. are some issues currently affecting global agricultural economics. These issues can be addressed by working collectively to innovate and find lasting solutions. Tengrain Science works in collaborative research spaces with other identified institutions.