Cyclical Instability in the U.S. Dairy Industry without Government Regulations
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Simulations of the U.S. dairy industry under a variety of conditions indicate that milk price
variability would be considerably greater in the absence of price supports. Milk production would
also be more variable, but significantly less than would milk prices. Summary statistics for the
1955-78 period, however, indicate that, in the absence of pricing programs, milk prices would have
varied no more than did prices for corn, wheat, or hogs. A long-term price-production cycle does
not appear to be inherent in the dairy industry.