THE IMPORTANCE OF PRODUCED MEANS OF PRODUCTION IN UK AGRICULTURE

A. Ozanne

Journal of Agricultural Economics, 1993, vol. 44, issue 2, 205-217

Abstract: Neoclassical production theory assumes that outputs and inputs can be separated into two distinct commodity groups. However, this fails to take account of the presence of produced means of production in agriculture which undermine the ceteris paribus assumption on which partial equilibrium analysis is based‐a criticism identified as part of the broader Sraffian critique of neoclassical economics. A simulation exercise designed to investigate the importance of produced inputs in UK agriculture found evidence of perverse aggregate supply response resulting from the use of feedgrain, an output from the cereal sector, as a produced input in the livestock sectors. This empirical result lends some support to the Sraffian analysis; however, it is suggested that the perversity arises from failure to take account of the produced input, and that computing ‘net output’

Date: 1993
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