Showing papers on "Commodity market published in 1977"
TL;DR: The authors showed that the importance of the farm income instability problem was at that time of small and declining importance (Firch 1964), and that the volatility of farm income that has occurred in the last ten years suggests a need to reevaluate the extent and sources of this instability.
Abstract: Cash receipts from U.S. farm marketings rose by 42% from 1972 to 1973, the largest year-to-year increase in sixty years. However, the 1916-17 and 1941-42 increases were only slightly smaller. Research completed in the early 1960s suggested that the importance of the farm income instability problem was at that time of small and declining importance (Firch 1964). The volatility of farm income that has occurred in the last ten years suggests a need to reevaluate the extent and sources of this instability. Most of the literature on the sources of
10 citations
01 Jan 1977
TL;DR: In this paper, the authors develop a model of an open economy in disequilibrium and examine the behavior of such an economy under non-tatonnement conditions when markets fail to clear at prevailing prices and when price and quantity adjustment is not instantaneous.
Abstract: This paper develops a model of an open economy in disequilibrium. It examines the behavior of such an economy under non-tatonnement conditions when markets fail to clear at prevailing prices and when price and quantity adjustment is not instantaneous. False trading and the consequences of discrepancies between individual plans and realizations are investigated. It is argued that an individual’s inability to bringplanned transactions to realization forces him to reevaluate his behavior. New demand and supply functions emerge which are constrained functions containing spill-over effects of market failures as arguments.