Showing papers on "Commodity market published in 1980"
TL;DR: The first two sections of the paper are devoted to a combination of Kuznets and structuralist stories, where the agricultural/nonagricultural terms of trade and income distribution must adjust to permit both savings and investment and commodity market balance to be assured as mentioned in this paper.
Abstract: The first two sections of the paper are devoted to a combination of Kuznets and structuralist stories, where we ask how the agricultural/nonagricultural terms of trade and income distribution must adjust to permit both savings and investment and commodity market balance to be assured. It will be shown that inflationary processes can easily be kicked off by terms of trade movements in the short run. In the next two sections we follow Chichilnisky in working out a longer run, Lewis-style model in which economic dualism plus an elastic labor supply can lead to severe problems with realization of the marketed surplus and agricultural exports abroad. A brief final section summarizes the major implications of the models for policy choice.
17 citations
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TL;DR: The first two sections of the paper are devoted to a combination of Kuznets and structuralist stories, where the agricultural/nonagricultural terms of trade and income distribution must adjust to permit both savings and investment and commodity market balance to be assured as discussed by the authors.
Abstract: The first two sections of the paper are devoted to a combination of Kuznets and structuralist stories, where we ask how the agricultural/nonagricultural terms of trade and income distribution must adjust to permit both savings and investment and commodity market balance to be assured. It will be shown that inflationary processes can easily be kicked off by terms of trade movements in the short run. In the next two sections we follow Chichilnisky in working out a longer run, Lewis-style model in which economic dualism plus an elastic labor supply can lead to severe problems with realization of the marketed surplus and agricultural exports abroad. A brief final section summarizes the major implications of the models for policy choice.
16 citations
31 Dec 1980
TL;DR: In this article, the effects of agricultural policies in industrialized nations on their domestic economies, the world commodity markets, and developing countries are analyzed, and a selective review of major theoretical and empirical studies on the subject is presented with suggestions of areas needing further research.
Abstract: This paper analyzes the effects of agricultural policies in industrialized nations on their domestic economies, the world commodity markets, and developing countries A selective review of major theoretical and empirical studies on the subject is presented with suggestions of areas needing further research The examination reveals serious misallocation of resources in the agricultural sector, which is largely due to agricultural protectionism in industrialized countries The benefits of this protectionism are often offset by considerable economic cost Policy measures should offer flexibility and the possibility of adjustment in agriculture that would allow a more optimal global production pattern and resource allocation
1 citations
TL;DR: In this paper, the authors show that much conventional macroeconomic literature uses two inconsistent definitions of equilibrium in the commodity market and that these inconsistent definitions lead to a confusing and often erroneous exposition of disequilibrium behaviour.
Abstract: This note shows that much conventional macro‐economic literature uses two inconsistent definitions of equilibrium in the commodity market. Equilibrium is defined as income equalling expenditure when deriving the IS curve; but when overall equilibrium is treated the requirement for equilibrium is that planned supply equals planned demand. The note shows that these inconsistent definitions lead to a confusing and often erroneous exposition of disequilibrium behaviour.
1 citations