ECONOMIC CONSEQUENCES OF FEDERAL FARM COMMODITY PROGRAMS, 1953-72

Frederick J. Nelson and Willard Cochrane

Journal of Agricultural Economics Research, 1976, vol. 28, issue 02, 13

Abstract: 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)
Date: 1976
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Persistent link: https://EconPapers.repec.org/RePEc:ags:uersja:147691

DOI: 10.22004/ag.econ.147691

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