ECONOMIC CONSEQUENCES OF FEDERAL FARM COMMODITY PROGRAMS, 1953-72
Frederick J. Nelson and
Journal of Agricultural Economics Research, 1976, vol. 28, issue 2, 13
Farm programs of the Federal Government kept farm prices and incomes higher than they otherwise would have been in 1953-65, thereby providing economic incentives to growth in output sufficient to keep farm prices lower than otherwise during 1968-72. The latter result differs significantly from findings in other historical free market studies. These conclusions stem from an analysis of the programs in which a two-sector (crops and livestock) econometric model was used to simulate historical and free-market production, price, and resource adjustments in U.S. agriculture. Supplies are affected by risk and uncertainty in the model, and farm technological change is endogenous.
Keywords: Agribusiness; Farm Management; Public Economics (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:ags:uersja:147691
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