Author: U. S. Economic Research Service

Publisher: Forgotten Books

Published: 2017-11-12

Total Pages: 42

ISBN-13: 9780260874719

Excerpt from Agricultural Economics Research, Vol. 24: July 1972 Using the higher (absolute value) demand elasticities results in less favorable but viable conditions for agriculture in 1980 if diversion policies are continued. With a continuation of programs to divert 6 percent of potential farm output from commercial markets, net farm income would increase billion over the 1969 level. Demand increasing 50 percent faster than supply with high demand schedule. - The set of outcomes in table 5 which most nearly fits our expectations for 1980 results from a percent annual shift in demand, a percent annual shift in supply, a short-run demand elasticity, and a long-run demand elasticity.8 Depending on Government diversion and payment policies, the parity ratio would decrease 6 to 9 points. With one exception, the quantity of farm products demanded and supplied would increase. Net farm income would decrease moderately to billion under continuation of diversion and Government payment policies of the 1960's, and it would decrease severely to billion under a 1970 free market supply and to billion under a policy that gradually reverts to a free market by 1980. Thus continued diversion and payment programs are needed to avoid a major drop in net farm income. Table 6 contains annual estimates for this set of outcomes. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.