Principles of Agricultural Economics: Markets and Prices in Less Developed Countries (Wye Studies in Agricultural and Rural Development)

Cover......Page 1
Frontmatter......Page 2
Contents......Page 6
Acknowledgements......Page 10
1 - Introduction......Page 12
2.1 Introduction......Page 16
2.2 Physical relationships......Page 17
2.3 Economic relationships......Page 29
2.4 Summary points......Page 40
3.1 Introduction......Page 41
3.2 Product supply......Page 42
3.3 Demand for inputs......Page 51
3.4 Conclusions......Page 58
3.5 Summary points......Page 59
4.1 Introduction......Page 60
4.2 Efficiency of resource use......Page 61
4.3 Technological change......Page 64
4.4 Risk and uncertainty......Page 75
4.5 Duality......Page 77
4.7 Summary points......Page 80
5.1 Introduction......Page 83
5.2 The basic relationships......Page 84
5.3 The analysis of consumer choice......Page 87
5.4 Variations in the consumer's equilibrium......Page 92
5.5 Income and substitution effects......Page 96
5.6 Summary points......Page 100
6.2 Basic demand relationships......Page 102
6.3 Elasticities of demand......Page 106
6.4 Properties of demand functions......Page 116
6.5 Dynamics in demand analysis......Page 119
6.6 Conclusions......Page 121
6.7 Summary points......Page 123
7.2 `New' theories of demand......Page 124
7.3 Duality in demand analysis......Page 132
7.4 Conclusions......Page 133
7.5 Summary points......Page 134
8.1 Introduction......Page 136
8.2 The definition of equilibrium......Page 137
8.3 Equilibrium in product markets......Page 149
8.4 Production and consumption activities within the agricultural household......Page 163
8.5 Conclusions......Page 175
8.6 Summary points......Page 176
9.1 Introduction......Page 178
9.2 Degrees of market competition......Page 179
9.3 Structure and functions of agricultural markets......Page 197
9.4 Simultaneous equilibrium at two market levels......Page 201
9.5 Marketing margins and farm prices......Page 204
9.6 Conclusions......Page 206
9.7 Summary points......Page 207
10.1 Introduction......Page 209
10.2 Competitive markets and Pareto optimality......Page 211
10.3 Reasons for policy intervention in markets......Page 217
10.4 Welfare criteria for policy choice......Page 220
10.5 Consumer and producer surplus......Page 222
10.6 The problem of the second best......Page 228
10.7 Conclusions......Page 231
10.8 Summary points......Page 232
11.1 Introduction......Page 235
11.2 Trade theory......Page 237
11.3 Trade equilibrium with no transport costs......Page 246
11.4 Trade with international transport and handling charges......Page 251
11.5 Terms-of- trade......Page 256
11.6 Trade intervention......Page 264
11.7 Conclusions......Page 269
11.8 Summary points......Page 273
12 - Food and agricultural policy......Page 275
12.1 Nature and principles of policy......Page 276
12.2 Analysing the effects of policy instruments......Page 284
12.3 Economic analysis of selected agricultural policies......Page 296
12.4 Conclusions......Page 305
12.5 Summary points......Page 307
Notes......Page 309
References......Page 319
Index......Page 325