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Description

Problems of depressed prices and incomes in agriculture are directly the result of a large supply of farm products. But a large supply of farm products is a function of the quantity of resources used in agriculture. Hence, knowledge of demand for and supply of resources is essential for policy and education directed toward solution of price and income problems of agriculture. The major objective of this study is to estimate demand and supply functions for one resource: labor. Demand and supply functions are estimated for hired labor, family labor and the total farm work force. Regression equations also are estimated for different time periods and for geographic regions of the United States. Projections of future man-hour requirements also are made, Objectives of the study also include the estimation and comparison of demand and supply functions by various regression models and techniques. Estimates are made with general least-squares methods, small systems of equations, distributed lag models, autoregressive schemes, and the Theil-Basmann approach.

Publication Date:

1962

Publisher:

Center for Agricultural and Economic Adjustment, Iowa State University

City:

Ames, IA

Disciplines:

Agribusiness | Agricultural and Resource Economics | Agriculture | Labor Economics | Labor Relations | Rural Sociology