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Essay / Research Paper Abstract
This 3-page paper provides an overview of U.S. economics as it pertains to agriculture. The paper includes a discussion on the corn-for-ethanol situation. Bibliography lists 3 sources.
Page Count:
3 pages (~225 words per page)
File: D0_MTagriecon.rtf
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Unformatted sample text from the term paper:
other products on the market, agriculture isnt necessarily designed to focus on specific supply and demand -- rather, agriculture tends to be based on what the government tells it to
supply. This is done through government subsidies -- in other words, the government can pay farmers not to grow a certain crop, in favor of growing another. Since the 1930s,
in fact, subsidies have rewarded production of just a few crops, which have taken a toll on the land, while having a negative impact on the overall economy (Spruiell, 2007).
The "butter and eggs" example taught in most economics 101 classes tells it very well -- basically, if the government doesnt want a certain amount of butter on the market,
it will pay the farmers not to keep as many cows, or grow as much grain to feed the cows. This, in turn, will drive up the price of dairy
products (such as butter). Rather than being a free market system, therefore, the U.S. agricultural industry is controlled, not by supply and demand, but by government whim.
A prime example of this is the recent push toward biofuels in the form of ethanol. Ethanol is made from corn. During the past several
years, thanks to the incentive of subsidies, fields that sprouted different crops have been given over to the growing of corn. This has done well for the farmers, but not
for the consumers. As less other agricultural food is being grown, prices are going up (Spruiell, 2007). But there is more
than simply the price of carrots going up. More corn being dedicated to biofuel production means less corn going to feed cows and pigs -- during a time when worldwide
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