 PRODUCTION AND INCOME UNCERTAINTY IN THE WOOL INDUSTRY: AN AGGREGATIVE APPROACHAustralian Journal of Agricultural Economics, 1960, vol. 04, issue 01, 11 Abstract: Production instability has been rightly regarded as one of the key problems of Australian agriculture. Campbell has emphasised that little attention has been focussed on reducing fluctuations in output as a means of cushioning income variations, although a great deal of interest has been taken in various measures designed to stabilize price. (l) An attempt is made in this paper to split up total variability of aggregate wool income into two components: the first corresponding to production uncertainty, and the second to price uncertainty. It is only by this sort of approach that we are in a position to gauge the possible effectiveness of any scheme designed to stabilize aggregate income, whether such a scheme act through price or output. This analysis suggests that over the last thirty years production instability has been of very much less significance than shifts in overseas demand in accounting for fluctuations in aggregate wool income, (2) confirming the views taken by Blau, (3) McMillan( 4) and Lewis. (5) It also highlights the critical dependence of Australian export income on overseas demand conditions. Keywords: Livestock Production/Industries; Production Economics (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:ags:ajaeau:22415 Access Statistics for this article More articles in Australian Journal of Agricultural Economics from Australian Agricultural and Resource Economics Society Contact information at EDIRC. |
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