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The Supply Of Wool In Lesotho

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  • Phororo, Hopolang

Abstract

Lesotho is a very small producer of wool (1 thousand tonnes per year) and therefore has no influence on world prices and on world wool production. However, the earnings generated from wool exports contribute significantly to the economy, thus making wool an important product. This paper determines the factors that producers consider in their decisions to produce wool. An econometric supply model is developed which hypothesizes the variables that affect wool production. Lagged wool and mohair prices and rainfall are important variables that influence farmers' decisions to produce wool. The previous years' wool production is less important because of the biological lag associated with production. Other variables such as the marketing arrangements of wool and domestic policies might influence farmers' decisions to produce wool but were not considered in detail.

Suggested Citation

  • Phororo, Hopolang, 1996. "The Supply Of Wool In Lesotho," Agrekon, Agricultural Economics Association of South Africa (AEASA), vol. 35(1), March.
    • Handle: RePEc:ags:agreko:267861
    DOI: 10.22004/ag.econ.267861
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    References listed on IDEAS

    as
    1. Reynolds, R.G. & Gardiner, B., 1980. "Supply Response In The Australian Sheep Industry: A Case For Disaggregation And Dynamics," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 24(3), pages 1-14, December.
    2. A.C. Rayner, 1968. "A Model Of The New Zealand Sheep Industry," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 12(1), pages 1-15, June.
    3. Rayner, A.C., 1968. "A Model Of The New Zealand Sheep Industry," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 12(1), pages 1-15, June.
    4. R.G. Reynolds & B. Gardiner, 1980. "Supply Response In The Australian Sheep Industry: A Case For Disaggregation And Dynamics," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 24(3), pages 196-209, December.
    Full references (including those not matched with items on IDEAS)

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