Supply and Demand Functions for Multi-Product U.S. Cash Grain Farms: Biases Caused by Research and Other Policies, 1948-1974
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The Department of Economic Science was founded in 1898 to teach economic theory as a truth of industrial life, and was very much concerned with applying economics to business and industry, particularly agriculture. Between 1910 and 1967 it showed the growing influence of other social studies, such as sociology, history, and political science. Today it encompasses the majors of Agricultural Business (preparing for agricultural finance and management), Business Economics, and Economics (for advanced studies in business or economics or for careers in financing, management, insurance, etc).
History
The Department of Economic Science was founded in 1898 under the Division of Industrial Science (later College of Liberal Arts and Sciences); it became co-directed by the Division of Agriculture in 1919. In 1910 it became the Department of Economics and Political Science. In 1913 it became the Department of Applied Economics and Social Science; in 1924 it became the Department of Economics, History, and Sociology; in 1931 it became the Department of Economics and Sociology. In 1967 it became the Department of Economics, and in 2007 it became co-directed by the Colleges of Agriculture and Life Sciences, Liberal Arts and Sciences, and Business.
Dates of Existence
1898–present
Historical Names
- Department of Economic Science (1898–1910)
- Department of Economics and Political Science (1910-1913)
- Department of Applied Economics and Social Science (1913–1924)
- Department of Economics, History and Sociology (1924–1931)
- Department of Economics and Sociology (1931–1967)
Related Units
- College of Agricultural and Life Sciences (parent college)
- College of Liberal Arts and Sciences (parent college)
- College of Business (parent college)
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Abstract
Duality theory and static multi-product technology have been applied to ' * I investigate the structure of agricultural technology (e.g.. Weaver; Shuinway; ' McKay et al.). Ttiese studies have provided econometric evidence of the jointness of agricultural technology and new measures of output supply and input demand elasticities. Although these studies have not emphasized the biases in farmers' choices caused by public policies, the multi-product framework, pro vides a rich methodology for exploring them. The multi-product framework can provide a more complete picture of adjustments to policy than the single output technology employed by, for example, Antle; Binswanger; Lopez; Houch and Ryan, Houch and Subotnik; and Nerlove. Furthermore, we can do better Chan indexing technology with time (see Weaver; Shumway; McKay et al.; Antle).