What does the United States stand to gain from liberalizing international trade in agriculture? This article estimates potential dollar gains and simulates the relocation of workers out of agriculture and into nonfarm activities. Different nonfarm sectors would expand under three cases of macroeconomic adjustment to the change in farm policies. The benefits of full liberalization would arise largely from the implied reduction in the Federal budget deficit. The greatest benefits would result if in addition to liberalization, macroeconomic policies that stimulate investment or net exports were pursued.
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Paper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number
11123.
Length: Date of creation: 04 Dec 2003 Date of revision: Publication status: Published in Journal of Agricultural Economics Research, Summer 1991. Handle: RePEc:isu:genres:11123
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