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Title: Use of the single factoral terms of trade to analyse agricultural production
Contributor(s): Fleming, Euan  (author)
Publication Date: 2007
DOI: 10.1111/j.1467-8489.2007.00366.x
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Abstract: The aim in this note is to reintroduce the single factoral terms of trade into the policy arena. This economic concept has scarcely been used by analysts or policy makers over the past three decades. It is defined and compared favourably with other terms of trade concepts in terms of their usefulness to agricultural policy makers in Australia. A distinction is made between the single factoral terms of trade from the viewpoint of the farm business and from the viewpoint of the farm household, but only slightly different indices are specified in each case because of the very high positive correlation between farm prices paid and consumer prices. Developing industry-level indices appears to be a more attractive way to proceed given the substantially different rates of growth in total factor productivity (TFP) between agricultural industries. Despite its usefulness, challenges lie ahead in accurately estimating each of the two components of the single factoral terms of trade, the net barter terms of trade and TFP, and the relations between these two components.
Publication Type: Journal Article
Source of Publication: The Australian Journal of Agricultural and Resource Economics, 51(2), p. 113-120
Publisher: Blackwell Publishing Asia
Place of Publication: Melbourne (VIC), Australia
ISSN: 1364-985X
Field of Research (FOR): 140201 Agricultural Economics
Peer Reviewed: Yes
HERDC Category Description: C1 Refereed Article in a Scholarly Journal
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