A Note on the Value of the Right Data

From time to time, we forget that the data we use are at least as important as the methods we employ. True, agricultural economists have devoted considerable effort to assessing and understanding the appropriate application of theory, underlying assumptions, models, and methodologies for estimating elasticities. And, this has led to real progress in the analysis of international commodity markets. But, data are what we seek. Methodology and procedures lead us nowhere without the right results.