The Inflationary Implications of Crop Failure

Richard Porter
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Richard Porter: Institute of Development Economics.

The Pakistan Development Review, 1962, vol. 2, issue 1, 23-46

Abstract: In discussions of the economic problems of underdeveloped countries, the thinking of layman and of professional economists often diverge!'; widely. Nowhere is this disagreement more patent than in the case of food production and its effects upon the price level. In government agencies, newspapers, and public discussions, the view that bad crops "cause" inflation is ubiquitous, while economists are usually quick to point out the difference between movements in relative prices and the general price level.

Date: 1962
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