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Price Scissors and the Structure of the Economy

Author

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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, Oxford University Press, vol. 102(1), pages 109-134.
  • Handle: RePEc:oup:qjecon:v:102:y:1987:i:1:p:109-134.
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    File URL: http://hdl.handle.net/10.2307/1884683
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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. 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.
    3. repec:eee:wdevel:v:107:y:2018:i:c:p:264-276 is not listed on IDEAS
    4. 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.
    5. 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.
    6. Pande, Rohini, 2005. "Profits and Politics: Coordinating Technology Adoption in Agriculture," Center Discussion Papers 28383, Yale University, Economic Growth Center.
    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. 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.
    9. 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.
    10. Rohini Pande, 2005. "Profits and Politics: Coordinating Technology Adoption in Agriculture," Working Papers 922, Economic Growth Center, Yale University.
    11. 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.
    12. Datt, Gaurav & Olmsted, Jennifer, 1998. "Agricultural wages and food prices in Egypt," FCND discussion papers 53, International Food Policy Research Institute (IFPRI).
    13. 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.
    14. 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.
    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. Pande, Rohini, 2006. "Profits and politics: Coordinating technology adoption in agriculture," Journal of Development Economics, Elsevier, vol. 81(2), pages 299-315, December.
    17. repec:ilo:ilowps:286955 is not listed on IDEAS

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