Critique of the Literature on U.S. Farmland Values

摘要

A review of the literature of U.S. farmland values from the forties to the beginning of the eighties attempted to answer three questions: (1) What are the earnings from farmland; (2) What economic factors affect the price of farmland; and (3) Is farmland overpriced. In general, there is little, if any, evidence that U.S. farmland is overpriced. A number of new variables are suggested to explain the increase in farmland prices. Real capital gains and growth in farm earnings are used to justify the present value of assets in agriculture.