Farm households are unique in the way they derive income when compared to nonfarm households. Farm operators and spouses have dual income sources, from farm and off-farm activities. Further, farm households on an average possess higher wealth than nonfarm households. This article estimates...

Should the choice of numeraire price for modelling profit functions be arbitrary, or is more careful study needed? Here, the choice of numeraire is examined using tests for models specification and out-of-sample predictive accuracy based on the crop and livestock data obtained from Iowa. The...

This article argues that any analysis of a Phillips curve should include the real interest rate in addition to inflation and real wages as any changes in the interest rate changes the labour-capital input mix in the production process leading to a change in the level of employment in the...

This paper demonstrates the need to revisit the way a technical change has been incorporated in a crop acreage supply response model. Three different versions of technological change were introduced and compared: no trend, deterministic trend, and stochastic trend. The results confirm the need...