The study intended to evaluate the impact of WTO on domestic prices, production and consumption of major food commodities like wheat and rice and ultimately their impact on the producer’s and consumer’s surpluses. The farm level impact was also evaluated to chalk out the eventual position at farm level with the purpose to identify necessary policies and actions to cope with the new world situat...

INCE 1974, FOLLOWING PUBLICATION of Schuh’s “The Macroeconomics of Agriculture,” much research effort has been devoted to determining whether and how monetary policy affects the farm sector. One of the more active areas of interest has been the question of whether changes in the money stock affect the farm! nonfarm product relative price ratio. The reason for this particular interest, as descri...

Many fear China’s accession to WTO will impoverish its rural people, via greater import competition in its agricultural markets. We explore that possibility bearing in mind that, even if producer prices of some (land-intensive) farm products fall, prices of other (labor-intensive) farm products could rise. Also, the removal of restrictions on exports of textiles and clothing could boost town an...

Long-Run Structural and Productivity Change in U.S. Agriculture: Effects of Prices and Policies by Wallace E. Huffman and Robert E. Evenson This paper presents (1) a conceptual framework for structural change when farms may be multiproduct or specialized and (2) an econometrics examination of causes of structural and total factor productivity (TFP) change for U.S. agriculture. Farm size, farm s...