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The Food and Agriculture Act of 1977: Issues and Decisions
Author(s) -
Spitze R. G. F.
Publication year - 1978
Publication title -
american journal of agricultural economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.949
H-Index - 111
eISSN - 1467-8276
pISSN - 0002-9092
DOI - 10.2307/1240051
Subject(s) - treasury , legislation , agriculture , economic shortage , payment , business , food policy , agricultural economics , direct payments , economics , administration (probate law) , food security , economic policy , finance , political science , geography , law , linguistics , philosophy , archaeology , government (linguistics)
While the Food and Agriculture Act of 1977 has much in common with previous legislation and continues the evolution of agricultural and food policy, important changes are made in grain reserves, food stamps, procedures for setting target levels, support prices, acreage bases on individual farms, as well as administration and funding of research and education. Some consequences are evident, but much will depend upon unpredictable events of weather and foreign markets. The results of the Act, as compared to no policy, are traced for consumers, producers, foreign trade, and U.S. Treasury payments, under alternative scenarios. If shortages return, much of the law becomes irrelevant.