Showing papers on "Commodity published in 1970"
TL;DR: In this article, the existence of competitive equilibrium in a market with countably many commodities is proved, and the significance of this generalization is that it opens a door that could lead, eventually, to a decentralized economic growth.
Abstract: : In this paper, we prove the existence of competitive equilibrium in a market with countably many commodities. By the term 'market' we mean to emphasize that we are dealing with a pure trade model, in which there is no production. Our result generalizes the existing theory of competitive equilibrium in a finite-dimensional commodity space. The significance of this generalization, we feel, is that it opens a door that could lead, eventually, to a theory of decentralized economic growth. (Author)
95 citations
TL;DR: The need for analysis of large-scale units is now emerging in proposals to limit the size of commodity program payments to large producers as discussed by the authors, which is a concern expressed by traditional agrarian fundamentalists; part is a genuine appreciation of the changing structure of agricultural production and the resulting impact on individuals, communities and society.
Abstract: T HERE is now a growing awareness and concern about the gradual increase in the number of and in the concentration of production on large farms. Some of the concern is expressed by traditional agrarian fundamentalists; part is a genuine appreciation of the changing structure of agricultural production and the resulting impact on individuals, communities, and society. Farm management economists have been preoccupied with family-size farm operations. Farm input and marketing economists have focused upon traditional marketing firms and functions. Only recently have these two groups become interested in large production units, marketing interrelationships, and the structural impacts. Farm policy economists have focused their attention on farm commodity legislation designed for family farms. The need for analysis of large-scale units is now emerging in proposals to limit the size of commodity program payments to large producers. Problems of understanding and documenting "large-farm" phenomena result in part from the professions' inability to plan and conduct improved statistical data gathering and economic analysis as fast as the industry is changing. The U. S. Census has held to old classifications and frequency distributions that tend to count people, acres of crops, and number of livestock. These classifications are ill-designed for research about operating business units, especially those that are non-land based or are contractual in na-
38 citations
TL;DR: It is suspected that the demand for quality of care may not be so inelastic, and many individuals, if they had to bear directly the differences in cost between treatment in an expensive major medical center and treatment in a lower-cost institution, would opt for the latter more often than they do under present insurance plans.
Abstract: Hospital insurance plans that lower the price of care to the consumer provide, in effect, a per unit subsidy.' As is well known, this results in an allocative distortion, assuming that the initial position was one of full competitive equilibrium.2 The allocative distortion induced by a subsidy will be less, the lower the price elasticity of demand is for the commodity. Since demand for hospital care is generally assumed to be price inelastic, economists have evinced relatively little concern about hospital insurance arrangements. For example, Pauly says: "Insurance is more likely to be provided against those events (a) for which the quantity demanded at a zero price does not greatly exceed that demanded at a positive price.... [This] statement might be made with respect to ordinary hospitalization insurance."3 This notion of relatively low price elasticity of demand for hospital services is also reflected by different coinsurance provisions in Part A and Part B of Medicare. Part A, which insures hospital services, has no coinsurance provisions, while Part B, which insures physician services, has a 20 percent coinsurance feature. While the quantity of hospital care demanded may be relatively price inelastic (in that the individual who needs an appendectomy performed will be relatively insensitive to price in the range of one appendectomy), we suspect that the demand for quality of care may not be so inelastic. That is, many individuals, if they had to bear directly the differences in cost between treatment in an expensive major medical center and treatment in a lower-cost institution, would opt for the latter more often than they do under present insurance plans.4 We present evidence in support of this hypothesis elsewhere. The evidence is of the form * Any views expressed in this paper are those of the authors. They should not be interpreted as reflecting the view of the RAND Corporation or the official opinion or policy of any of its governmental or private research sponsors.
7 citations
01 Jan 1970
TL;DR: In this article, an analysis of the current state of soybean production in the Far East Federal District and its growth prospects aimed at increasing the export of this crop to the countries of the Asia and Pacific region (APR) is carried out.
Abstract: The analysis of the current state of soybean production in the Far East Federal District and its growth prospects aimed at increasing the export of this crop to the countries of the Asia and Pacific region (APR) are carried out. The studies proceed from the strategic task of soybean production state with subsequent export of both soybean raw materials and its processed products. The main goal of the “International Cooperation and Export” project is to achieve the agricultural products export (in value terms) is $ 45 billion by the end of 2024, which requires the creation of a new commodity mass (including with high added value), organization export-oriented commodity distribution infrastructure, the elimination of trade barriers (tariff and non-tariff) to ensure access for agricultural products to target markets, as well as systems for promoting and positioning agricultural products. One of the strategically important regions in this direction should be the Far East. For the international market Russian soybeans are of interest as an environmentally friendly product. In this direction China and other countries (APR) remain the most promising external market for domestic producers. So, in 2014-2018, 1.99 million tons of soybeans worth $ 601 million were exported from the regions of the Far East Federal District. The purpose of the work is to identify the problems that need to be solved for the implementation of state plans.
4 citations
Esso1
TL;DR: In this article, an accurate price forecast is crucial when deciding on a new investment proposal for capital intensive commodities such as metals, plastics, and fertilizers, the sale price is the ke...
Abstract: An accurate price forecast is crucial when deciding on a new investment proposal for capital intensive commodities. In such industries as metals, plastics, and fertilizers, the sale price is the ke...
4 citations
TL;DR: The impact of technological advance in reducing the need for agricultural land has been more or less recognized since at least the early 1950s as mentioned in this paper, and farm policy proposals once again include the general cropland retirement approach, either alone or in combination with annual commodity programs.
Abstract: The impact of technological advance in reducing the need for agricultural land has been more or less recognized since at least the early 1950s. After experiments with general cropland retirement in the 1956-60 Conservation Reserve Program, U. S. farm policy turned to annual acreage adjustments, commodity by commodity. Now farm policy proposals once again include the general cropland retirement approach, either alone or in combination with annual commodity programs.
TL;DR: In this paper, it is argued that the less developed countries are losing potential investment resources as a result of trade restrictions imposed by the developed countries on primary commodities such as sugar, which is the principle earner of foreign exchange for many developing countries.
Abstract: In recent years, it has been emphasized by many economists that the less developed countries cannot achieve self-sustaining economic growth unless they are given fair opportunities to sell their exportables in the world market. It is argued that the less developed countries are losing potential investment resources as a result of trade restrictions imposed by the developed countries on primary commodities. Sugar provides an example of a commodity whose free entry into world trade has been restricted by the United States and most of the developed countries of Europe. Sugar is the principle earner of foreign exchange for many developing countries