The effect of drought on uncertainty and agricultural investment in Australia

John Marangos and Catherine Williams

Journal of Post Keynesian Economics, 2005, vol. 27, issue 4, 575-594

Abstract: Recognizing that uncertainty plays an important role in decision making, it necessarily follows that the effects of the current devastating drought have significantly influenced the operations of primary producers and strongly impacted upon agricultural investment in Australia. The lack of water is heavily affecting rural exports and employment opportunities, and consequently, primary producers are experiencing financial ruin. Global economic uncertainty combined with the long-running drought is gripping rural communities. Understanding the likely effect of climate change on Australia's agricultural production will enable suitable adaptation strategies and government policies to be implemented for the future sustainability and development of the agricultural industry.

Date: 2005
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DOI: 10.1080/01603477.2005.11051456

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