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International Farm Prices and the Social Cost of Cheap Food Policies

Willis L. Peterson
American Journal of Agricultural Economics
Vol. 61, No. 1 (Feb., 1979), pp. 12-21
Stable URL: http://www.jstor.org/stable/1239495
Page Count: 10
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International Farm Prices and the Social Cost of Cheap Food Policies
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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.

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