The objectives of this paper are two-fold. The first is to discuss the basic economics of an aggregate industry income stabilization policy for primary producers. The second is to examine post-World War II income instability in Australian wool, wheat, and beef and to apportion it into its price...

In-kind price subsidies are a new and important feature of U.S. agricultural policy. Yet the market effects of such subsidies have not been widely discussed in the professional literature even through they differ importantly from similar cash subsidies. This paper examines in-kind subsidies with...

Production economics theory shows that the pro fit-maximizing output of a commodity depends, among other things, upon product and input prices. Supply functions consistent with this theory have been estimated for many agricultural crops both in the United States and elsewhere. However, the...

This paper contains short-run estimates of the impact of beef imports from Australia and elsewhere on U.S. retail meat prices. The U.S. beef demand is separated into two categories, table cuts and processed items. Estimates of direct and cross price elasticities of demand for these products are...

Australian apparel wool exports to the United States are less than they might be because of two protective policies of the U.S. government: a fixed tariff and a system of direct price.support payments to U.S. wool producers. Dismantling these policies, though difficult, could mean $10 million to...