Final answer:
Farmer Brown's property value decrease due to noise from nearby Air Force exercises is a result of external obsolescence, a condition where external factors beyond the owner's control diminish the property's value.
Step-by-step explanation:
The type of property depreciation Farmer Brown is experiencing due to the building of an emergency-landing airstrip and the subsequent noise from frequent touch-and-go exercises by the U.S. Air Force is commonly referred to as external obsolescence.
External obsolescence occurs when a property's value is decreased due to external factors that are beyond the control of the property owner.
Examples of such factors include environmental pollution, zoning changes, or, as in Farmer Brown's case, significant noise pollution from nearby military exercises.
This form of depreciation can be challenging to remedy, as it typically involves conditions that are not easily altered by the property owner.
Capital flight, which can be related to external obsolescence, refers to a condition where businesses or individuals relocate assets or funds to avoid undesirable local conditions such as high taxes or declining property values.
This is often seen in urban or agricultural settings where economic pressures lead to a decrease in property values and an exodus of wealthier individuals, contributing to the cycle of decay.