THE SUPPLY OF WOOL IN LESOTHO

Hopolang Phororo

Agrekon, 1996, vol. 35, issue 01

Abstract: Lesotho is a very small producer of wool (1 thousand tonnes per year) and therefore has no influence on world prices and on world wool production. However, the earnings generated from wool exports contribute significantly to the economy, thus making wool an important product. This paper determines the factors that producers consider in their decisions to produce wool. An econometric supply model is developed which hypothesizes the variables that affect wool production. Lagged wool and mohair prices and rainfall are important variables that influence farmers' decisions to produce wool. The previous years' wool production is less important because of the biological lag associated with production. Other variables such as the marketing arrangements of wool and domestic policies might influence farmers' decisions to produce wool but were not considered in detail.

Keywords: Livestock Production/Industries; Production Economics (search for similar items in EconPapers)
Date: 1996
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Persistent link: https://EconPapers.repec.org/RePEc:ags:agreko:267861

DOI: 10.22004/ag.econ.267861

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