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The value of food resources

The value of food resources Purpose – The purpose of this paper is to help understanding the value of food resources (FRs). This may raise global awareness on their importance in macro- and micro-economics. Design/methodology/approach – The relationship of FRs with human life was analyzed through literature review to illustrate their real value. Association of FRs production with the probability of becoming a high income country was estimated by analyzing the relevant data published by FAOSTAT, World Bank and United Nations to illustrate their value in macro-economy. Analyzing the interrelationship of prices with their attributes through literature review and the correlation of the relevant data published by FAOSTAT and OECD was undertaken to create a mathematical model for pricing FRs. Findings – The real value of FRs is unaccountable, which makes their economic value (price) be not always determined on market. Increase in the probability of becoming a high income country with increase in FRs production indicates that their shortage may bottleneck macro-economic development. A mathematical model has been created for estimating the economic value of FRs. Practical implications – These findings are applicable for managing (or administrating), pricing or evaluating FRs, analyzing their economic status, developing business and predicting tendency in micro-economy. They are also vital for managing or developing macro-economy. The findings should be useful for farmers, food companies, governmental agents, individuals, etc. Originality/value – This is the first to report these findings. This is a significant progress in FRs research and valuable for education. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png British Food Journal Emerald Publishing

The value of food resources

British Food Journal , Volume 117 (1): 12 – Jan 5, 2015

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Publisher
Emerald Publishing
Copyright
Copyright © Emerald Group Publishing Limited
ISSN
0007-070X
DOI
10.1108/BFJ-09-2013-0248
Publisher site
See Article on Publisher Site

Abstract

Purpose – The purpose of this paper is to help understanding the value of food resources (FRs). This may raise global awareness on their importance in macro- and micro-economics. Design/methodology/approach – The relationship of FRs with human life was analyzed through literature review to illustrate their real value. Association of FRs production with the probability of becoming a high income country was estimated by analyzing the relevant data published by FAOSTAT, World Bank and United Nations to illustrate their value in macro-economy. Analyzing the interrelationship of prices with their attributes through literature review and the correlation of the relevant data published by FAOSTAT and OECD was undertaken to create a mathematical model for pricing FRs. Findings – The real value of FRs is unaccountable, which makes their economic value (price) be not always determined on market. Increase in the probability of becoming a high income country with increase in FRs production indicates that their shortage may bottleneck macro-economic development. A mathematical model has been created for estimating the economic value of FRs. Practical implications – These findings are applicable for managing (or administrating), pricing or evaluating FRs, analyzing their economic status, developing business and predicting tendency in micro-economy. They are also vital for managing or developing macro-economy. The findings should be useful for farmers, food companies, governmental agents, individuals, etc. Originality/value – This is the first to report these findings. This is a significant progress in FRs research and valuable for education.

Journal

British Food JournalEmerald Publishing

Published: Jan 5, 2015

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