Explaining the Relative Decline of Agriculture: A Supply-Side Analysis for Indonesia
The relative decline of agriculture in growing economies is a central feature of economic development and a major influence on agricultural policies. The literature on the causes of this decline has focused on the relative price effects arising from demand factors, especially Engel's law, rathe...
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| Veröffentlicht in: | The World Bank economic review 1993-09, Vol.7 (3), p.381-401 |
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| container_title | The World Bank economic review |
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| creator | Martin, Will Warr, Peter G. |
| description | The relative decline of agriculture in growing economies is a central feature of economic development and a major influence on agricultural policies. The literature on the causes of this decline has focused on the relative price effects arising from demand factors, especially Engel's law, rather than on supply-side influences, such as changes in relative factor endowments and differential rates of technical change. This article develops a simple structural model of the transformation of the Indonesian economy, applying an error correction mechanism to capture the dynamics resulting from disequilibria and the costs of adjustment. The decline in agriculture's share of gross domestic product is found to be caused much less by the relative price effects typically emphasized in the literature than by capital accumulation and rapid technical change in agriculture. |
| doi_str_mv | 10.1093/wber/7.3.381 |
| format | Article |
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| ispartof | The World Bank economic review, 1993-09, Vol.7 (3), p.381-401 |
| issn | 0258-6770 1564-698X |
| language | eng |
| recordid | cdi_proquest_journals_1307171365 |
| source | Oxford University Press Journals Digital Archive Legacy; Periodicals Index Online; Jstor Complete Legacy |
| subjects | Agricultural economics Agriculture Capital investments Coefficients Crop economics Economic models Estimators Farm economics Relative prices World Bank |
| title | Explaining the Relative Decline of Agriculture: A Supply-Side Analysis for Indonesia |
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