Michael Pakko: Economic Recovery Still Slow in Arkansas

by Mark Carter  on Wednesday, Nov. 6, 2013 1:09 pm  

Dr. Michael Pakko, the state economic forecaster and chief economist for the University of Arkansas at Little Rock's Institute for Economic Advancement.

Bert Greenwalt, owner of Greenwalt Company in Hazen and professor of agricultural economics at Arkansas State University, delivered the luncheon address on agribusiness trends and challenges.

He noted technology playing a larger role in agriculture by increasing output, substituting capital for labor and generating economies of scale.

Examples include GPS navigation and positioning; "precision agriculture" such as digital mapping and variable rate application; remote sensing for rainfall, soil moisture and grain storage conditions; and remote control of irrigation and grain drying equipment.

Greenwalt said agricultural technology has resulted in farms are becoming fewer and larger, has produced large volumes of data and has created a growing demand for consultants and advisors who can help turn data into information.

He said intellectual capital is as important as financial capital for farms, and the next generation of farm managers will be required to have a more sophisticated skill set. 

Greenwalt said the 2014 ASU Agribusiness Conference is scheduled for Feb. 12 in Jonesboro. Click here for more information.



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