We consider the impact of taxes on the quantity and quality produced of goods whose market values accrue with age. The analysis is motivated by the high and increasing taxation rates in the wine industry across the globe. If society values both quality and quantity as goods, an optimal tax...

Farmland and capital are an important and rapidly expanding component of the agriculturaleconomy, and empirical evidence suggests that these assets are quasi-fixed in that adjustment costs are incurred when holdings are altered. Increased interest in the rate of return for investing in farmland...