The Dangers of Monetary Policy in Agrarian Economies. A Rejoinder

Richard Porter
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Richard Porter: Institute of Development Economics, Karachi

The Pakistan Development Review, 1962, vol. 2, issue 2, 276-277

Abstract: Professors Patrick and Chandler have shown, carefully and correctly, that my analysis depends critically upon a particular assumption. Despite their vehement disagreement with this assumption-that farmers will hold a larger part of their wealth in food grains when the alternative is to convert those grains into money at declining prices--I still believe in its realism and am grateful for the opportunity to elaborate its defence: 1) Farmers tend to be optimistic about future prices and outputs; the strain of existence might be unendurable without this optimism. The result is that high prices are quickly seized upon by farmers as normal prices.

Date: 1962
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