Analysis of a Small Open Economy: The Case of Energy Prices in Canada

Ramon Lopez

American Journal of Agricultural Economics, 1982, vol. 64, issue 3, 510-519

Abstract: The analysis suggests that land rental price decrease in the long run as a consequence of higher energy prices. Energy demand from agriculture decreases if land and energy are substitute inputs. The necessary and sufficient conditions for expecting increasing average farm size, decreasing agricultural output, and number of farms also have been provided. The analysis considers a competitive equilibrium environment with specific proviso that land prices adjust in response to higher domestic energy prices. Simple expressions for calculating long-run agricultural responses to higher domestic energy prices were derived and used in estimating such responses for Canadian agriculture.

Date: 1982
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