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General Equilibrium Analysis of Supply and Factor Returns in U.S. Agriculture, 1949-91

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  • Munisamy, Gopinath
  • Roe, Terry L.

Abstract

General equilibrium - open economy trade theory and time series data on the US agricultural sector are used to provide insights into the structure of agricultural supply, factor returns and linkages to the rest of the economy. Output expansion and changes in factor rental rates depend on relative factor intensities. Theoretically consistent price elasticities of supply and factor rental rates are also obtained. The effect of the rest of the economy, particularly the increase in price of services, is found to have relatively large negative impacts on agriculture. The static effects on growth of supply and factor rental rates tend to be dominated by rate effects which are shown to have strong positive effects on returns to family labor. J.E.L. classification numbers: 013, 030, Qll

Suggested Citation

  • Munisamy, Gopinath & Roe, Terry L., 1995. "General Equilibrium Analysis of Supply and Factor Returns in U.S. Agriculture, 1949-91," Bulletins 7516, University of Minnesota, Economic Development Center.
    • Handle: RePEc:ags:umedbu:7516
    DOI: 10.22004/ag.econ.7516
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    References listed on IDEAS

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    Cited by:

    1. Moledina, Amyaz A. & Roe, Terry L., 2000. "Exploring The Transmission Of International And Domestic Economic Shocks To U.S. Agriculture," 2000 Annual meeting, July 30-August 2, Tampa, FL 21751, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    2. Shane, Mathew & Roe, Terry L. & Gopinath, Munisamy, 1998. "U.S. Agricultural Growth and Productivity: An Economywide Perspective," Agricultural Economic Reports 34047, United States Department of Agriculture, Economic Research Service.
    3. Irz, Xavier & Roe, Terry, 1997. "Agriculture and Economic Growth in a Market Economy: Analysis of the French Postwar Experience," 1997 Conference, August 10-16, 1997, Sacramento, California 315467, International Association of Agricultural Economists.

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