ECONOMIC CONSEQUENCES OF FEDERAL FARM COMMODITY PROGRAMS, 1953-72
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Farm programs of the Federal Government kept farm prices and
incomes higher than they otherwise would have been in 1953-65,
thereby providing economic incentives to growth in output sufficient
to keep farm prices lower than otherwise during 1968-72.
The latter result differs significantly from findings in other
historical free market studies. These conclusions stem from an
analysis of the programs in which a two-sector (crops and livestock)
econometric model was used to simulate historical and
free-market production, price, and resource adjustments in U.S.
agriculture. Supplies are affected by risk and uncertainty in the
model, and farm technological change is endogenous.