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An Analysis Of U.S. Farm Income Policies: Historical, Marketing-Determined, And Sector-Wide Stabilization

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  • McDowell, Howard
  • Kramer, Randall A.
  • Price, J. Michael

Abstract

This paper provides an economic analysis of the historical agricultural price and income support policy, a policy of market-determined prices and income, and a policy linking market-determined prices with sector-wide farm income stabilization in years of economic disaster. The analysis compares commodity prices, net farm income, and government expenditures over the period 1970 through 1982 based on estimates generated by USDA's Food and Agricultural Policy Simulator (FAPSIM). The historical policy generates the highest income and most stable prices. Market-determined income is lowest and has the greatest variability. Stabilization minimized income variability at intermediate income levels.

Suggested Citation

  • McDowell, Howard & Kramer, Randall A. & Price, J. Michael, 1989. "An Analysis Of U.S. Farm Income Policies: Historical, Marketing-Determined, And Sector-Wide Stabilization," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 21(02), December.
    • Handle: RePEc:ags:sojoae:30105
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    References listed on IDEAS

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    1. Orden, David, 1986. "Agriculture, trade, and macroeconomics: The U.S. case," Journal of Policy Modeling, Elsevier, vol. 8(1), pages 27-51.
    2. Emanuel Melichar, 1984. "A financial perspective on agriculture," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Jan, pages 1-13.
    3. Gardner, Bruce L, 1987. "Causes of U.S. Farm Commodity Programs," Journal of Political Economy, University of Chicago Press, vol. 95(2), pages 290-310, April.
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    Cited by:

    1. Carey, Kathleen, 1992. "The U.S. Wheat And Corn Programs: Some Domestic Welfare And International Trade Implications," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 24(01), July.
    2. Johansson, Robert C. & Kaplan, Jonathan D., 2003. "Manure Stew - U.S. Ingredients: Carrots, Sticks, and Water," 2003 Annual meeting, July 27-30, Montreal, Canada 21900, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    3. Cooper, Joseph C. & Peters, Mark & Claassen, Roger, 2003. "Effects Of Agri-Environmental Payment Policies On Agricultural Trade," 2003 Annual meeting, July 27-30, Montreal, Canada 22240, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

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    Keywords

    Agricultural Finance;

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