A review from Natural England (March 2012) includes a section on food summarised by Alan Spedding in the attached document: Environmental economics – food
Well worth looking through the original review.
Thus: “The low value of food is caused by its abundance”. The danger is that pursuing maximum yields of high intensity crops now may undermine longer term food-security by degrading the ecosystems that agricultural production ultimately depends on. So the costs (and benefits) for the environment from food production should be internalized within the food system. Reducing food waste and changing diets would support population health and provide nutrition more efficiently – 30% to 50% of food is wasted worldwide.