Prices and Price Policy

John W. Mellor
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John W. Mellor: Cornell University

Chapter Chapter 11 in Agricultural Development and Economic Transformation, 2017, pp 135-150 from Palgrave Macmillan

Abstract: Abstract Agricultural price policy and analysis have a quite different context and requirements when associated with rapid agricultural growth as compared to slow-growth agricultures. Technology-based agricultural growth increases incomes of both farmers and the rural poor. The thrust of this chapter is that government subsidies to cereals output and input prices have a prohibitively high opportunity cost in foregone investment in agricultural growth. The rural poor may be driven into extreme poverty with long-term loss of productive capacity owing to rising cereal prices. In that case, intervention to assist the poor is a good idea, especially, as is often the case, if it is paid for by foreign assistance donors.

Keywords: Cereal Prices; Rapid Agricultural Growth; Foreign Donor Assistance; Foregone Investment; Small Commercial Farmers (SCF) (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:pal:psachp:978-3-319-65259-7_11

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DOI: 10.1007/978-3-319-65259-7_11

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