Should global agriculture be liberalized?: theories, models and realities
Science Publishers, Sep 30, 2008 - Business & Economics - 156 pages
According to standard economic theory and modelling, liberalizing agriculture will result in important welfare gains. Because of price volatility, an alternative model, based in general disequilibrium in the Wicksellian tradition, provides much less optimistic conclusions, actually supported by the recent evolution of the world agricultural system, as well as by the history of the many attempts of agricultural trade liberalization since the 18th century.
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What can be expected from the Liberalization
Theoretical Criticism of Agricultural
The Test of Facts
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agricultural commodities agricultural policies agricultural prices agricultural products average behavior benefits capital chaotic cobweb cobweb model comparative advantages consequences consider consumer consumption corresponding countries demand curve developed difficult economic rent economists effect elasticity endogenous entrepreneur equations equilibrium models equilibrium price Europe European Union export fact farmers Figure France free trade futures market gains global GTAP guaranteed price hypothesis ID3 model idea important income increase inelastic input invested large numbers law of large maize marginal cost marginal productivity maximize natural obtained obviously parameters phenomena poor possible presented price fluctuations problem production cost production factors production function profit protectionism quantity random reality reason reference situation regions represents Ricardo rich risk aversion risk premium role scenario sector sell solution speculators standard model stocks sub-Saharan Africa sugar supply technical progress theory Thirteen-region lD3 model volatility wheat wine