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Price Scissors and the Structure of the Economy

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  • Raaj Kumar Sah
  • Joseph E. Stiglitz

Abstract

This paper undertakes three sets of tasks: (i) it analyzes positive and normative aspects of price scissors (the domestic terms of trade between agriculture and industry) within nonsocialist as well as socialist LDCs. The critical role of the economy's institutional features (e.g., external trade environment, wage and income determination, and wage-productivity effects) is emphasized. Certain aspects of the Soviet Industrialization Debate and subsequent collectivization are interpreted, (ii) It develops simple rules to delineate who gains and who loses (within agriculture) from changes in terms of trade, (iii) It presents powerful (and informationally parsimonious) rules for Pareto-improving price reforms for cash crops and agricultural inputs.

Suggested Citation

  • Raaj Kumar Sah & Joseph E. Stiglitz, 1987. "Price Scissors and the Structure of the Economy," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 102(1), pages 109-134.
    • Handle: RePEc:oup:qjecon:v:102:y:1987:i:1:p:109-134.
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    Citations

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    Cited by:

    1. Gudeta Alemu Zerihun, 2015. "Working Paper - 220 - Developing a Food (in) Security Map for South Africa," Working Paper Series 2158, African Development Bank.
    2. Justin Yifu Lin & Pengfei Zhang, 2007. "Development Strategy and Economic Institutions in Less Developed Countries," CID Working Papers 17, Center for International Development at Harvard University.
    3. Hossain, Akhand Akhtar, 2008. "The Agricultural and the External (Net Barter) Terms of Trade in Bangladesh: Trends, Movements and Relationships, 1952-2006," Review of Applied Economics, Lincoln University, Department of Financial and Business Systems, vol. 4(1-2), pages 1-15.
    4. Emran, M. Shahe & Shilpi, Forhad, 2015. "Do Land Market Restrictions Hinder Structural Change in a Rural Economy? Evidence from Sri Lanka," MPRA Paper 66017, University Library of Munich, Germany.
    5. repec:ilo:ilowps:286955 is not listed on IDEAS
    6. Boyce, James K & Ravallion, Martin, 1991. "A Dynamic Econometric Model of Agricultural Wage Determination in Bangladesh," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 53(4), pages 361-376, November.
    7. Karunagoda, Kamal, 2004. "Changes in Labour Market and Domestic Agriculture," Sri Lankan Journal of Agricultural Economics, Sri Lanka Agricultural Economics Association (SAEA), vol. 6, pages 1-17.
    8. Dong, Xiao-Yuan & Putterman, Louis, 2000. "Prereform Industry and State Monopsony in China," Journal of Comparative Economics, Elsevier, vol. 28(1), pages 32-60, March.
    9. Rohini Pande, 2005. "Profits and Politics: Coordinating Technology Adoption in Agriculture," Working Papers 922, Economic Growth Center, Yale University.
    10. Datt, Gaurav & Olmsted, Jennifer, 1998. "Agricultural wages and food prices in Egypt," FCND discussion papers 53, International Food Policy Research Institute (IFPRI).
    11. Stiglitz, Joseph E., 1987. "Pareto efficient and optimal taxation and the new new welfare economics," Handbook of Public Economics, in: A. J. Auerbach & M. Feldstein (ed.), Handbook of Public Economics, edition 1, volume 2, chapter 15, pages 991-1042, Elsevier.
    12. Hanan G. Jacoby, 2016. "Food Prices, Wages, And Welfare In Rural India," Economic Inquiry, Western Economic Association International, vol. 54(1), pages 159-176, January.
    13. Pande, Rohini, 2006. "Profits and politics: Coordinating technology adoption in agriculture," Journal of Development Economics, Elsevier, vol. 81(2), pages 299-315, December.
    14. Pande, Rohini, 2005. "Profits and Politics: Coordinating Technology Adoption in Agriculture," Center Discussion Papers 28383, Yale University, Economic Growth Center.
    15. Jha, Raghbendra & Gaiha, Raghav & Sharma, Anurag, 2009. "Calorie and Micronutrient Deprivation and Poverty Nutrition Traps in Rural India," World Development, Elsevier, vol. 37(5), pages 982-991, May.
    16. Emran, M. Shahe & Shilpi, Forhad, 2018. "Beyond dualism: Agricultural productivity, small towns, and structural change in Bangladesh," World Development, Elsevier, vol. 107(C), pages 264-276.
    17. Akhand Akhtar Hossain, 2008. "The Agricultural Terms Of Trade In Bangladesh: An Econometric Analysis Of Trends And Movements, 1952–2006," Australian Economic Papers, Wiley Blackwell, vol. 47(1), pages 38-52, March.
    18. Hiromi YAMAMOTO, 2000. "Marketization Of The Chinese Economy And Reform Of The Grain Distribution System," The Developing Economies, Institute of Developing Economies, vol. 38(1), pages 11-50, March.
    19. Vladimir Kontorovich, 2015. "The Military Origins of Soviet Industrialization," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 57(4), pages 669-692, December.

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