ON THE EXISTENCE OF STABLE EQUILIBRIA IN AGRICULTURE

Abstract

Problems of instability and disequilibrium in U.S. agriculture are synthesized within a single conceptual framework. Agricultural and non-agricultural sector offer curves are used to illustrate why it may not be feasible to achieve and maintain equilibrium and price stability in U.S. agriculture. Empirical evidence on resource disequilibrium and instability in the ratio of prices paid and received by farmers is presented.Instability, Disequilibrium, Offer curves, U.S. agriculture, Policy, Demand and Price Analysis,