EFFECTS ON FARM INCOMES AND RURAL LABOUR OF A RELATIVE INCREASE IN WAGES

James G. Ryan and Ronald C. Duncan

Australian Journal of Agricultural Economics, 1974, vol. 18, issue 3, 15

Abstract: We use the concept of the elasticity of farm incomes with respect to changes in input prices to analyse the effects of a large increase in relative wages on selected measures of farm incomes. In order to estimate the elasticity of farm incomes we have to estimate elasticities and cross-elasticities of demand and supply for farm labour and capital. The estimates of elasticity of demand for operator and hired labour allow us to calculate the impact of a rise in wages on numbers of farmers and hired labour employed in agriculture.

Keywords: Labor; and; Human; Capital (search for similar items in EconPapers)
Date: 1974
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Citations: View citations in EconPapers (7)

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Persistent link: https://EconPapers.repec.org/RePEc:ags:ajaeau:22893

DOI: 10.22004/ag.econ.22893

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