Discounted Agricultural Growth in South Africa
Miesha J. Williams ()
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Miesha J. Williams: Morehouse College
The Review of Black Political Economy, 2017, vol. 44, issue 3, 353-362
Abstract This paper examines impacts of appropriate resource allocation on subsistence level output. This study uses a stylized Coase Bargaining model and data from the South African Reserve bank to support the second welfare theorem. Back of the envelope calculations indicate the opportunity cost of manufacturing output has been the 20% discount in agricultural output in South Africa since 1968. This paper offers an exercise that can be implemented in developing nations having institutions resulting in two-sector economies. Moreover, the methods used here will help policy makers to estimate an appropriate value for wealth transfers.
Keywords: Distribution; Land; Property rights; Wealth distribution; Welfare; Contracts; Institutions; Policy; Colonialism; Apartheid; Development; Tax; Collective bargaining; Labor mobility; Africa; South Africa; Agriculture; Manufacturing (search for similar items in EconPapers)
JEL-codes: D3 D31 D6 D7 E02 E6 E61 F5 F54 F6 H21 H22 J5 J52 J6 N17 N57 N67 O11 O55 Q19 (search for similar items in EconPapers)
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