The changing economics of agriculture and the environment

Private voluntary environmental initiatives appear to be increasing in agriculture, driven by consumer and public demands. They offer the potential to lower the costs of achieving environmental objectives, mostly by granting more flexibility to producers than many government programs. Yet, the private initiatives are not a panacea. Public roles remain essential, but are different from past efforts. Agricultural and resource economists should devote more study to the motivations, advantages, and limitations of private environmental initiatives.