The dynamics of supply: retrospect and prospect
1979
Nerlove, M.
Extract: Following a brief review of what has been done on the problem of measuring agricultural supply response, I turn to the question of how to make distributed lag formulations less ad hoc, in the sense of being based on dynamic optimizing behavior, specifically within the context of livestock and perennials. I suggest that to understand the dynamics of supply response it is essential to consider the causes of changes in the agricultural sector, the complex of forces set in motion by technological improvement, public investment in infrastructure and the development of markets, and the differential abilities of economic agents to deal with the resulting disequilibria.
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