EVOLUTION OF THE ECONOMICS OF AGRICULTURAL POLICY

Agricultural economists helped develop farm programs to respond to the dire economic situation of the 1920s and 1930s. Some early authors appreciated that such policies created problems in markets for commodities and inputs. Over time, our understanding of agricultural issues and policies has deepened. Through the application of improved models and tools of analysis to more extensive data, we have developed better answers to old questions, and have responded to changing policy instruments, market contexts, and policy concerns. This article traces the evolution of our deepening economic understanding of the causes and consequences of agricultural policy.