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International Farm Prices and the Social Cost of Cheap Food Policies

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  • Willis L. Peterson

Abstract

The evidence suggests that real prices received by farmers in the LDCs have been substantially lower than farm prices in the developed nations. Estimates of a long-run aggregate agricultural supply elasticity from cross-section data reveal that it is relatively elastic, in the range of 1.25 to 1.66. It is estimated also that with more favorable farm prices agricultural output in a group of twenty-seven LDCs could have been 40% to 60% greater than it was and the national income of the group increased by more than 3% annually.

Suggested Citation

  • Willis L. Peterson, 1979. "International Farm Prices and the Social Cost of Cheap Food Policies," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 61(1), pages 12-21.
    • Handle: RePEc:oup:ajagec:v:61:y:1979:i:1:p:12-21.
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    File URL: http://hdl.handle.net/10.2307/1239495
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