scholarly journals The Enduring Impact of the American Dust Bowl: Short and Long-run Adjustments to Environmental Catastrophe

2009 ◽  
Author(s):  
Richard Hornbeck
Keyword(s):  
Dust Bowl ◽  
Long Run

scholarly journals The Enduring Impact of the American Dust Bowl: Short- and Long-Run Adjustments to Environmental Catastrophe

2012 ◽  
Vol 102 (4) ◽  
pp. 1477-1507 ◽  
Author(s):  
Richard Hornbeck
Keyword(s):  
Agricultural Land ◽  
Land Values ◽  
Dust Bowl ◽  
Population Declines ◽  
Relative Population ◽  
Long Run ◽  
The 1950S ◽  
Initial Difference

The 1930s American Dust Bowl was an environmental catastrophe that greatly eroded sections of the Plains. The Dust Bowl is estimated to have immediately, substantially, and persistently reduced agricultural land values and revenues in more-eroded counties relative to less-eroded counties. During the Depression and through at least the 1950s, there was limited relative adjustment of farmland away from activities that became relatively less productive in more-eroded areas. Agricultural adjustments recovered less than 25 percent of the initial difference in agricultural costs for more-eroded counties. The economy adjusted predominantly through large relative population declines in more-eroded counties, both during the 1930s and through the 1950s. (JEL N32, N52, Q15, Q18, Q54)

Return of the dust bowl?

Nature ◽  
2007 ◽  
Author(s):  
Daemon Fairless
Keyword(s):  
Dust Bowl

Finn Kydland and Edward Prescott: Driving Forces behind Economic Cycles (2004 Nobel Prize in Economics)

2005 ◽  
pp. 133-143 ◽  
Author(s):  
E. Balashova
Keyword(s):  
Nobel Prize ◽  
Driving Forces ◽  
Microeconomic Theory ◽  
Business Cycle Theory ◽  
Economic Cycles ◽  
Cyclical Fluctuations ◽  
Long Run ◽  
Time To Build ◽  
New Business ◽  
Extensive Research Program

The method of analyzing and modeling cyclical fluctuations of economy initiated by F. Kydland and E. Prescott - the 2004 Nobel Prize winners in Economics - is considered in the article. They proposed a new business cycle theory integrating the theory of long-run economic growth as well as the microeconomic theory of consumers and firms behavior. Simple version of general dynamic and stochastic macroeconomic model is described. The given approach which was formulated in their fundamental work "Time to Build and Aggregate Fluctuations" (1982) gave rise to an extensive research program and is still used as a basic instrument for investigating cyclical processes in economy nowadays.

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