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Production And Income Uncertainty In The Wool Industry: An Aggregative Approach

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  • Powell, Alan A.

Abstract

Production instability has been rightly regarded as one of the key problems of Australian agriculture. Campbell has emphasised that little attention has been focussed on reducing fluctuations in output as a means of cushioning income variations, although a great deal of interest has been taken in various measures designed to stabilize price. (l) An attempt is made in this paper to split up total variability of aggregate wool income into two components: the first corresponding to production uncertainty, and the second to price uncertainty. It is only by this sort of approach that we are in a position to gauge the possible effectiveness of any scheme designed to stabilize aggregate income, whether such a scheme act through price or output. This analysis suggests that over the last thirty years production instability has been of very much less significance than shifts in overseas demand in accounting for fluctuations in aggregate wool income, (2) confirming the views taken by Blau, (3) McMillan( 4) and Lewis. (5) It also highlights the critical dependence of Australian export income on overseas demand conditions.

Suggested Citation

  • Powell, Alan A., 1960. "Production And Income Uncertainty In The Wool Industry: An Aggregative Approach," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 4(1), pages 1-11, July.
    • Handle: RePEc:ags:ajaeau:22415
    DOI: 10.22004/ag.econ.22415
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    Cited by:

    1. Anderson, Jock R., 1979. "Impacts of Climatic Variability in Australian Agriculture: A Review," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 47(03), pages 1-31, December.
    2. Piggott, Roley R., 1978. "Decomposing The Variance Of Gross Revenue Into Demand And Supply Components," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 22(2-3), pages 1-13, August.
    3. Sturgess, Ian M., 1968. "The Wool Board'S Second Report On Marketing: A Review Article," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 12(2), pages 1-19, December.
    4. Houck, James P., 1973. "Some Aspects Of Income Stabilization For Primary Producers," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 17(3), pages 1-16, December.
    5. Clement A. Tisdell, 1972. "Some Circumstances In Which Price Stabilization By The Wool Commission Reduces Incomes," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 16(2), pages 94-101, August.

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