The total value of Nova Scotia's agri-food industry

In Nova Scotia, market failure and the commodity orientation of many agriculture and fishery sectors, are leading to the decline of large portions of these industries in the province. [...] The remaining sections describe the economic, environmental, and social contributions that the industry provides (or has the potential to provide) to the province. [...] The positive and negative externalities associated with agri-food production in Nova Scotia result in the failure of the market to produce the optimal quantities of certain goods. [...] The “multiplier effect” of this money circulating in the provincial economy increases the economic impact of the industry and indicates that many other sectors of the economy are impacted by downturns and upswings in the performance of the agri-food component. [...] Many economists would view this as lagging behind the competition and bad for the economy, however small Nova Scotian owned farms and fishing boats have the potential to keep money in the province and to strengthen the economy through diversification and a more equal distribution of wealth.