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Excerpt from Agricultural Economics This book is intended for the student and the farmer inter ested in the study of those economic principles which underlie the effective organization of the farm, and for the statesman interested in establishing laws and institutions for the develop ment of agriculture. The subjects treated correspond to those studies grouped under the head of Farm Management in some colleges and under the head of Agricultural Economics in others. From the author's point of view these two terms as used at the present time cover essentially the same subject matter so far as they relate to the economics of production on the indi vidual farm, but he believes that the latter term is much the broader, including also the problems of marketing, land eco nomics, farm finance, and farm life. The matter here presented is the result of a gradual develop ment of twenty years of study in this field. Its publication marks the close of seventeen years of teaching of agricultural economics by the author in the University of Wisconsin, where he first gave a course to the short-course students in the winter of 1902 - 1903, at which time a Syllabus of Lectures on Agricul tural Economics was printed for the use of his class. In 1905 An Introduction to the Study of Agricultural Economics, containing thirteen chapters, was published, the main points of which have been included in the present volume. For many years, parts of the present volume have been mimeographed and used in the classroom. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

This textbook addresses the main economic principles required by agricultural economists involved in rural development. The principles of 'micro-economics' or 'price-theory' are of relevance to economists everywhere, but this book reinforces the message of their relevance for rural development by explaining the theory in the specific context of the agricultural and food sectors of developing countries. Hypothetical and actual empirical illustrations drawn almost exclusively from such countries distinguish this book from other economic principles texts that draw their examples almost invariably from industrialised countries, and also from books more oriented to the issue of rural development. The first half of the book deals with the underlying principles of production, supply and demand. These are essential tools for the study and management of the agricultural sector and food markets. In the second half, supply and demand are bought together into a chapter of equilibrium and exchange. This is followed by chapters on trade and the theory of economic welfare. In the final chapter it is shown that much of the material in the earlier chapters can be combined by agricultural economists into a system for analysing and comparing the effects of alternative agricultural policies. The ability of agricultural economics to provide a consistent framework for the analysis of policy problems thus enables it to make a key contribution to rural development.

This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1919 edition. Excerpt: ... CHAPTER VIII WHAT SHOULD THE NATION PRODUCE? From the standpoint of the farmer, the guiding principle in the organization of a farm is to seek the largest net profit; but there is another point of view than that of the farmer, and that is the point of view of the statesman. Since not only the farmer, but every one else, is interested in agriculture, the question arises, are the interests of the country as a whole best conserved when each farmer follows tenaciously his own selfinterest and succeeds in gaining the largest net profits in return for the effort which he expends in agricultural production? There may be, at certain points, a conflict between the narrower and the broader interests. In this case we are confronted with the problem of determining whether the individual or the general interest should be promoted. To the extent that the greatest good to the greatest number demands that the general or social interests be served, it falls within the domain of our subject to propose laws which will limit the free action of individuals in such a manner as to promote the highest interests of society as a whole. But while human welfare or the greatest good to the greatest number has long been recognized as the standard by which every law or custom should be accepted or rejected, this principle is so abstract that men may be fully agreed upon its acceptance as their scandard, and yet hold exactly opposite opinions as to the desirability of a particular measure. The statesman needs a more concrete standard which may be used with safety in his efforts to set proper limits to the free action of farmers and of those with whom they have economic relations, in the pursuance of their daily toils. Should the maximum in quantity of farm products be...

This book provides an introduction to the study of agricultural economics. It covers topics such as supply and demand, market structures, and government policies that affect agriculture. It also explores the economic principles that farmers and agribusinesses use to make decisions. Written for students and professionals, this book is an essential resource for anyone who wishes to understand the economics of agriculture. This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work is in the "public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.