Our guest is Wally Thurman, a William Neal Reynolds Distinguished Professor at North Carolina State University. He has written extensively on agricultural economics and natural resources. Along the way we're going to get into some environmental issues such as colony collapse disorder. And I hope we'll talk about the work of Ronald Coase and what that has to do with the world of bees.
Wally Thurman of North Carolina State University and PERC talks with EconTalk host Russ Roberts about the world of bees, beekeepers, and the market for pollination. Thurman describes how farmers hire beekeepers to pollinate their crops and how that market keeps improving crop yields and producing honey. Thurman then discusses how beekeepers have responded to Colony Collapse Disorder--a not fully understood phenomenon where colonies disband, dramatically reducing the number of bees. The discussion closes with the history of bee pollination as an example of a reciprocal externality and how Coase's insight helps understand how the pollination market works.