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The Dangers of Monetary Policy in Agrarian Economies. A Rejoinder

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  • RICHARD C. PORTER

    (Institute of Development Economics, Karachi)

Abstract

Professors Patrick and Chandler have shown, carefully and correctly, that my analysis depends critically upon a particular assumption. Despite their vehement disagreement with this assumption-that farmers will hold a larger part of their wealth in food grains when the alternative is to convert those grains into money at declining prices--I still believe in its realism and am grateful for the opportunity to elaborate its defence: 1) Farmers tend to be optimistic about future prices and outputs; the strain of existence might be unendurable without this optimism. The result is that high prices are quickly seized upon by farmers as normal prices.

Suggested Citation

  • Richard C. Porter, 1962. "The Dangers of Monetary Policy in Agrarian Economies. A Rejoinder," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 2(2), pages 276-277.
    • Handle: RePEc:pid:journl:v:2:y:1962:i:2:p:276-277
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