AGRICULTURE AND THE MACRO‐ECONOMY: PRESIDENTIAL ADDRESS

G. H. Peters

Journal of Agricultural Economics, 1991, vol. 42, issue 3, 231-249

Abstract: Agricultural economics is sometimes criticised for being microcentred. We should not apologise; colleagues who study industrial organisation or many aspects of public sector economics are neither more nor less guilty. The fact remains, however, that agriculture, like all sectors, operates within a macro‐economic framework and there is a growing spate of literature focusing on that broader perspective. It runs in two directions: the farming consequences of macro‐economic developments where much of the attention focuses on exchange rates and interest rates, and the effects of agricultural policies on the economy at large. The objective here is to review the situation. Topical issues considered range from the value of the dollar and the operation of the European exchange‐rate, mechanism, to controversies surrounding the recent GATT negotiations.

Date: 1991
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