Local Market Information Services in the Strategy of Agricultural Development

Eldon D. Smith, Nguen Srisuruksa and Perry Phillipp

Journal of Agricultural and Applied Economics, 1971, vol. 3, issue 1, 59-67

Abstract: The general economic functions of market information are familiar and can be logically related to the concepts of workable competition and the perfect market in space, form, and time. However, the importance of a formal market news service to the efficiency of performance of markets must be viewed within the context of the particular situation and the manner in which present information systems function. Wherever there is a market, an information network exists, even though (in some cases), slow, inaccurate, discriminatory in its availability to market participants or limited in the scope of information collected and diffused. Therefore, in assessing the need for introducing or expanding formal market news services, the adequacy of the present system, the cost of effecting improvements and the consequences that may be derived from them must be determined and evaluated.

Date: 1971
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