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| Title: | General Equilibrium Analysis of Supply and Factor Returns in U.S. Agriculture, 1949-91 |
| Authors: | Munisamy, Gopinath
Roe, Terry L. |
| Issue Date: | 1995 |
| Series/Report no.: | Bulletin 95-8 |
| Abstract: | General equilibrium - open economy trade theory and time series data on the US agricultural
sector are used to provide insights into the structure of agricultural supply, factor returns and
linkages to the rest of the economy. Output expansion and changes in factor rental rates depend
on relative factor intensities. Theoretically consistent price elasticities of supply and factor
rental rates are also obtained. The effect of the rest of the economy, particularly the increase in
price of services, is found to have relatively large negative impacts on agriculture. The static
effects on growth of supply and factor rental rates tend to be dominated by rate effects which
are shown to have strong positive effects on returns to family labor.
J.E.L. classification numbers: 013, 030, Qll |
| URI: | http://purl.umn.edu/7516 |
| Institution/Association: | University of Minnesota>Economic Development Center>Bulletins |
| Total Pages: | 29 |
| Language: | English |
| Collections: | Bulletins
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| edc95-08.pdf | 1393Kb | PDF | View/Open |
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