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Cyclical Instability in the U.S. Dairy Industry without Government Regulations

Author

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  • Hallberg, M. C.

Abstract

Simulations of the U.S. dairy industry under a variety of conditions indicate that milk price variability would be considerably greater in the absence of price supports. Milk production would also be more variable, but significantly less than would milk prices. Summary statistics for the 1955-78 period, however, indicate that, in the absence of pricing programs, milk prices would have varied no more than did prices for corn, wheat, or hogs. A long-term price-production cycle does not appear to be inherent in the dairy industry.

Suggested Citation

  • Hallberg, M. C., 1982. "Cyclical Instability in the U.S. Dairy Industry without Government Regulations," Journal of Agricultural Economics Research, United States Department of Agriculture, Economic Research Service, vol. 34(1), pages 1-11, January.
    • Handle: RePEc:ags:uersja:148812
    DOI: 10.22004/ag.econ.148812
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    Cited by:

    1. Buxton, Boyd M., 1982. "Some Implications of Increasing Dairy Farm Income with Price Support or Milk Order Pricing Policies," 1982 Annual Meeting, August 1-4, Logan, Utah 279144, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    2. Cox, Thomas L. & Chavas, Jean-Paul & Jesse, Edward V., 1994. "Regional Impacts of Reducing Dairy Price Supports and Removing Milk Marketing Orders in the U.S. Dairy Sector," Staff Papers 200580, University of Wisconsin-Madison, Department of Agricultural and Applied Economics.
    3. Luh, Yir-Hueih & Stefanou, Spiro E., 1989. "Dairy Supply And Factor Demand Response To Output Price Risk: An Econometric Assessment," Northeastern Journal of Agricultural and Resource Economics, Northeastern Agricultural and Resource Economics Association, vol. 18(2), pages 1-6, October.
    4. Chang, Ching-Cheng & Stefanou, Spiro E., 1987. "Supply Growth And Dairy Industry Deregulation," Northeastern Journal of Agricultural and Resource Economics, Northeastern Agricultural and Resource Economics Association, vol. 16(1), pages 1-9, April.

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