The paper introduces a framework for analyzing the impacts of land control programs on agricultural production under heterogenous land qualities, heterogenous production technologies and imperfect capital markets. It shows that the introduction of diversion programs tends to benefit land owners...

The agricultural sectors of the United States and other developed countries have been subjected to a myriad of policies and regulations that have contributed to unsatisfactory production patterns and resource allocations both within and between countries. Furthermore, such policies have imposed...

There is a broad consensus among economists, policymakers, and informed citizens that free-market economics do not preclude many inefficiencies in resource allocation. There are many circumstances where policy interventions have the potential to achieve a "Pareto improvement" in the sense of...