A broad range of agriculture-environment interactions can be organized around the concept of agriculture as a producer and consumer of ecosystem services. Viewed as capital assets, ecosystems embody production technologies that are valuable, complex, and often poorly understood. The quantity and...

The paper establishes conditions for the existence of a set of prices which are stable and at which markets do not clear, providing a rigorous foundation for the existence of fixed-price equilibria via the macroeconomics of increasing returns. It analyzes a Walrasian price adjustment process for...

The paper studies a two-sector monetary economy with two factors of production, labor and capital. The industrial sector has increasing returns to scale, the consumption sector non-increasing returns. All firms maximize profits and markets clear. For each rate of return on capital the model...