The cornucopians, in the tradition of Julian Simon, believe there is no shortage of farmland, that the land market is capable of efficiently allocating land resources among competing uses, and that technological advances will continue to generate more food even as human populations increase. I agree that the alarmist claims of impending threats to food supplies appear unwarranted. From a national standpoint, it is hard to claim that there is a shortage of farmland.
Food is relatively cheap and abundant.
Land Markets and Regulation Farmland protection is a fascinating example of the problems of identifying land prices that send accurate signals of value now and over time. Land is not a homogenous commodity. Value, in turn, comes from buyer demand and the price at which a seller will sell. Land markets, like other markets, are not self-regulating. Moreover, regulation does not supplant market forces.