Hardcover
ISBN: 978-1-7856-0521-5
Price: $74.95
Publisher: Emerald Group Publishing
Before now, there was no comprehensive, accessible account of the economic welfare effects of the 2014 Farm Bill, passed by the US Congress and signed into law by President Barack Obama on February 7, 2014. This edited collection consists of 10 essays by distinguished scholars, each focused on a particular area of the US farm programs. The authors describe and assess the economic welfare impact of the programs in those areas, combining illuminating new research with assessments based on state-of-the-art research. As the first comprehensive account to address contemporary US agricultural policy as defined by the 2014 Farm Bill, this book provides a careful analysis of US agricultural policy, made accessible to students, graduates, interest groups, and policymakers. Essential reading for anyone interested in the international trade and trade relations implications of US agricultural policy and the 2014 farm bill.
In summary, the authors find that while some subsidized programs are beneficial for US citizens and enhance economic efficiency and productivity (for example, publicly funded agricultural research programs), most are intended to transfer income and wealth to farmers and related agricultural business. They do so at a substantial cost to most US citizens by distorting resource uses, artificially increasing prices (for example, through sugar import quotas and domestic sugar supply controls), and encouraging socially sub-optimal risk taking. Many farm subsidy programs also create the potential for adverse impacts on international trade and trade relations.
Vincent H. Smith is a visiting scholar at AEI and codirector of AEI’s agricultural policy initiative. He is also a professor of economics in the department of agricultural economics and director of the Agricultural Marketing Policy Center at Montana State University.
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