A COMPREHENSIVE REVIEW OF REDEFINING AGRICULTURAL ECONOMICS FOR SUSTAINABLE DEVELOPMENT: OVERCOMING CHALLENGES AND SEIZING OPPORTUNITIES IN A CHANGING WORLD

Faith Ibukun Babalola (), Gbolahan Olaoluwa Oladayo, Emmanuel Osamuyimen Eboigbe and Rosita Eberechukwu Daraojimba
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Faith Ibukun Babalola: The Pennsylvania State University, USA
Gbolahan Olaoluwa Oladayo: University of Texas at San Antonio, USA
Emmanuel Osamuyimen Eboigbe: Department of Economics, University of Manitoba, Winnipeg, Canada
Rosita Eberechukwu Daraojimba: Department of Business Administration, Ahmadu Bello University, Zaria, Nigeria

Food and Agri Economics Review (FAER), 2024, vol. 3, issue 1, 32-39

Abstract: This paper critically examines the evolving field of agricultural economics and its imperative to transition towards sustainable development. Traditional agricultural practices have often been associated with environmental degradation, resource depletion, and social inequities. This paper reviews the current state of agricultural economics, identifies key challenges, and proposes a framework for redefining the discipline to align with the principles of sustainable development. It provides a comprehensive overview of the topic, demonstrating a clear understanding of the issues and challenges in agricultural economics. It offers valuable insights into the role of agricultural economics in promoting sustainable development and provides a well-structured framework for redefining the discipline to meet the needs of the future. The study highlights the evolving role of agricultural economics in achieving sustainable development, with a focus on both challenges and opportunities. The methods involve a thorough literature review, analyzing principles of sustainable agriculture, economic instruments, technological innovations, and social dimensions. Case studies from diverse regions illustrate successful implementations of sustainable practices. The findings underscore the significance of agroecology, economic incentives, and market mechanisms in promoting sustainable agriculture. Precision agriculture and biotechnology emerge as pivotal technologies, but ethical considerations are paramount. Social dimensions, including rural development and gender equity, play crucial roles in achieving sustainability. The review identifies barriers to adoption and proposes future research directions to advance the field. Overall, the review advocates for a paradigm shift in agricultural economics, emphasizing the need for a comprehensive, interdisciplinary, and sustainable approach to address global challenges and contribute to a more sustainable future.

Keywords: Redefining; Agricultural Economics; Sustainable Development; Overcoming; Challenges; Seizing Opportunities (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:zib:zbfaer:v:3:y:2024:i:1:p:32-39

DOI: 10.26480/faer.01.2023.32.39

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