Agricultural and Biological Sciences
4 years ago

Decline in Farm Prices Expected to Continue Due to Productivity Growth.

RePEc: Research Papers in Economics
The Role of Productivity Growth and Farmers' Income Protection Policies in the Decline of Relative Farm Prices in the United States
Dragan Miljković, Hyun Joung Jin, Rodney J. Paul

Paper Summary

The decline in farm prices compared to non-farm prices in the US since 1973 is unusual. This is mainly due to separating farm price and income support in 1973, along with increased productivity in agriculture. These factors are predicted to continue affecting the trend, with agricultural productivity expected to keep growing and income support policies remaining in place.

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