In assessing the response of agricultural production to government policies, it is necessary to look not just at output prices but at all the factors that affect real farm profits; to disentangle the effects on individual (or export) crops from the effects on aggregate output; and to distinguish the short-run aggregate response from the long-run. Individual crops respond strongly to price factors, but growth in one crop usually takes resources away...
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INFORMATION
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1989/04/30
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Publication
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14355
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1
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1
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2010/07/01
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The policy response of agriculture
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Agriculture