Bennet-Bowley Measure for Productivity Analysis of Georgia Agriculture

Archie Flanders, Fred White and John McKissick

No 6110, 2008 Annual Meeting, July 27-29, 2008, Orlando, Florida from American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association)

Abstract: Georgia agricultural production continues on an increasing trend and reached a historical high in 2006. Increases in output have been accompanied by relatively lower levels of input increases. The Tornqvist productivity index indicates an average annual productivity increase of 3.0% during 1960-2006. Productivity increases explain how the Georgia agricultural economy is expanding during a period when farm acreage and the number of farms are declining. An alternative to the Tornqvist productivity index is the Bennet-Bowley productivity indicator. A feature of the Bennet-Bowley indicator is that it is a component of normalized profit change. Profit change can be decomposed into a price change component, as well as a productivity component. Declining output prices relative to input prices during 1960-2006 were not favorable for increased profitability. Results show that Georgia farm profit increased from 1960-2006 due to increased agricultural productivity.

Keywords: Productivity Analysis (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-agr and nep-eff
Date: 2008
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