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Analysis of a Small Open Economy: The Case of Energy Prices in Canada

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  • Ramon E. Lopez

Abstract

The analysis suggests that land rental price decrease in the long run as a consequence of higher energy prices. Energy demand from agriculture decreases if land and energy are substitute inputs. The necessary and sufficient conditions for expecting increasing average farm size, decreasing agricultural output, and number of farms also have been provided. The analysis considers a competitive equilibrium environment with specific proviso that land prices adjust in response to higher domestic energy prices. Simple expressions for calculating long-run agricultural responses to higher domestic energy prices were derived and used in estimating such responses for Canadian agriculture.

Suggested Citation

  • Ramon E. Lopez, 1982. "Analysis of a Small Open Economy: The Case of Energy Prices in Canada," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 64(3), pages 510-519.
    • Handle: RePEc:oup:ajagec:v:64:y:1982:i:3:p:510-519.
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    File URL: http://hdl.handle.net/10.2307/1240643
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    Cited by:

    1. Adelaja, Adesoji & Hoque, Anwarul, 1986. "A Multi-Product Analysis of Energy Demand in Agricultural Subsectors," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 18(2), pages 51-64, December.
    2. Edwards, Clark, 1985. "U.S. Agriculture's Potential to Supply World Food Markets," Agricultural Economic Reports 307995, United States Department of Agriculture, Economic Research Service.
    3. Young, Douglas L., 1982. "Relevance Of Duality Theory To The Practicing Agricultural Economist: Discussion," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 7(2), pages 1-6, December.

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