Presidential Address: The Visible or Invisible Hand? The Balance Between Markets and Regulation in Agricultural Policy
AbstractThe recent crisis in global financial markets has brought into question reliance on markets to determine the conduct of economic affairs and generated pressure for greater regulation and government control. Neither a neoliberal nor a neoregulatory approach is likely to be able to solve pressing problems affecting agriculture and natural resources, such as a deterioration in environmental quality and the challenge of climate change. To find solutions we need to employ a more realistic behavioural model than that typically used in economic analysis, and to recognise the key role played by values in individual and collective decision making. A more devolved approach to policy formation based on collective action seems to offer the greatest chance of success. More effort needs to be directed to understanding the drivers and processes of collective decision making, and how it can be harnessed to address pressing policy issues. Copyright (c) 2010 The Author. Journal compilation (c) 2010 The Agricultural Economics Society.
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Journal of Agricultural Economics.
Volume (Year): 61 (2010)
Issue (Month): 3 ()
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0021-857X
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- Glover, Jane, 2011. "Where has all the cream gone: How sustainable is the English dairy supply chain?," 85th Annual Conference, April 18-20, 2011, Warwick University, Coventry, UK 108940, Agricultural Economics Society.
- Uetake, Tetsuya, 2012. "Providing Agri-environmental Public Goods through Collective Action: Lessons from New Zealand Case Studies," 2012 Conference, August 31, 2012, Nelson, New Zealand 136071, New Zealand Agricultural and Resource Economics Society.
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