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U.S. Agriculture Policy: Irresponsibly Unprepared for Scarcity

By Morrison, L. Philip

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Book Id: WPLBN0000201264
Format Type: PDF eBook
File Size: 0.8 MB
Reproduction Date: 2008
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Title: U.S. Agriculture Policy: Irresponsibly Unprepared for Scarcity  
Author: Morrison, L. Philip
Language: English
Subject: Government publications, Legislation., Government Printing Office (U.S.)
Collections: Government Library Collection
Publication Date:
Publisher: Government Printing Office


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Morrison, L. P. (n.d.). U.S. Agriculture Policy: Irresponsibly Unprepared for Scarcity. Retrieved from

Excerpt: Farmers in free market countries are the victims of inelastic demand. This means that farmers as a whole lose total revenue if they expand supply; the increased volume of sales does not compensate for the drop in price that results from greater production. This keeps farmers poor, since -- were they make good profit -- production would be expanded, prices would then drop, and with the drop, total revenue would also decline until farming ceased to be profitable.

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