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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
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    File URL: http://purl.umn.edu/7516
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    References listed on IDEAS

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    1. Munisamy Gopinath & Terry Roe, 1997. "Sources of Sectoral Growth in an Economy Wide Context: The Case of U.S. Agriculture," Journal of Productivity Analysis, Springer, vol. 8(3), pages 293-310, August.
    2. Diewart, W Erwin & Morrison, Catherine J, 1986. "Adjusting Output and Productivity Indexes for Changes in the Terms of Trade," Economic Journal, Royal Economic Society, vol. 96(383), pages 659-679, September.
    3. Dale W. Jorgenson, 1991. "Productivity and Economic Growth," NBER Chapters,in: Fifty Years of Economic Measurement: The Jubilee of the Conference on Research in Income and Wealth, pages 19-118 National Bureau of Economic Research, Inc.
    4. Gopinath, Munisamy & Roe, Terry L., 1996. "Sources Of Growth In U.S. Gdp And Economy-Wide Linkages To The Agricultural Sector," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 21(02), December.
    5. Takayama,Akira, 1985. "Mathematical Economics," Cambridge Books, Cambridge University Press, number 9780521314985, May.
    6. W. Erwin Diewert, 1980. "Aggregation Problems in the Measurement of Capital," NBER Chapters,in: The Measurement of Capital, pages 433-538 National Bureau of Economic Research, Inc.
    7. V. Eldon Ball & Jean-Christophe Bureau & Richard Nehring & Agapi Somwaru, 1997. "Agricultural Productivity Revisited," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 79(4), pages 1045-1063.
    8. Dan Usher, 1980. "The Measurement of Capital," NBER Books, National Bureau of Economic Research, Inc, number ushe80-1.
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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 Economics Reports 34047, United States Department of Agriculture, Economic Research Service.

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    Keywords

    International Relations/Trade;

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