Farm viability of (semi)subsistence smallholders in Sierra Leone
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This paper explores how different theoretical viewpoints on market integration and socioinstitutional
settings alter farm viability assessments based on (semi)subsistence farm income
measurements. The measurement of net farm income (NFI) is presented under two approaches: one
based on Neoclassical Economics, and another from a Neo-Institutional perspective. Using data
from Sierra Leone it is demonstrated that the assumptions about (output and input) market
integration/participation, labour usage accounting and other institutional arrangements of
(semi)subsistence farming affect NFI calculations. As a consequence, different farm viability
readings emerge, directly influencing the outcome of policy decisions.