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Prices and Price Policy

In: Agricultural Development and Economic Transformation

Author

Listed:
  • John W. Mellor

    (Cornell University
    John Mellor Associates, Inc.)

Abstract

Agricultural price policy and analysis have a quite different context and requirements when associated with rapid agricultural growth as compared to slow-growth agricultures. Technology-based agricultural growth increases incomes of both farmers and the rural poor. The thrust of this chapter is that government subsidies to cereals output and input prices have a prohibitively high opportunity cost in foregone investment in agricultural growth. The rural poor may be driven into extreme poverty with long-term loss of productive capacity owing to rising cereal prices. In that case, intervention to assist the poor is a good idea, especially, as is often the case, if it is paid for by foreign assistance donors.

Suggested Citation

  • John W. Mellor, 2017. "Prices and Price Policy," Palgrave Studies in Agricultural Economics and Food Policy, in: Agricultural Development and Economic Transformation, chapter 0, pages 135-150, Palgrave Macmillan.
    • Handle: RePEc:pal:psachp:978-3-319-65259-7_11
    DOI: 10.1007/978-3-319-65259-7_11
    as

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