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

42 Pages Posted: 28 Dec 2009 Last revised: 21 Feb 2021

See all articles by Richard Hornbeck

Richard Hornbeck

University of Chicago - Booth School of Business

Date Written: December 2009

Abstract

The 1930's American Dust Bowl was an environmental catastrophe that greatly eroded sections of the Plains. Analyzing new data collected to identify low-, medium-, and high-erosion counties, the Dust Bowl is estimated to have immediately, substantially, and persistently reduced agricultural land values and revenues. During the Depression and through at least the 1950's, there was limited reallocation of farmland from activities that became relatively less productive. Agricultural adjustments, such as reallocating land from crops to livestock, recovered only 14% to 28% of the initial agricultural cost. The economy adjusted predominately through migration, rather than through capital inflows and increased industry.

Suggested Citation

Hornbeck, Richard, The Enduring Impact of the American Dust Bowl: Short and Long-Run Adjustments to Environmental Catastrophe (December 2009). NBER Working Paper No. w15605, Available at SSRN: https://ssrn.com/abstract=1528028

Richard Hornbeck (Contact Author)

University of Chicago - Booth School of Business ( email )

5807 South Woodlawn Avenue
Chicago, IL 60637
United States

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