Document Type

Thesis - Open Access

Award Date

1972

Degree Name

Master of Science (MS)

Department

Economics

Abstract

Dependency of the state's economy upon the agricultural sector demands that economic research and public policy with respect to agriculture be based upon a more refined understanding of the magnitude and nature of the relationship between the farm and nonfarm economies. Ideally, the earliest stages of decision-making in government grow out of carefully developed research into the likely outcomes of alternative public policy decisions. At the macroeconomic level, such research requires a firm grasp of the complex chain of events which will occur as a result of changes in policy toward agriculture. At present, this chain of events is only understood in very general terms. Persons familiar with particular segments of the agricultural economy have a sophisticated understanding of production costs associated with particular types of farm enterprises and therefore of their impacts upon the factor markets. Yet, explicit analyses of these impacts are not available. Much less is there a formal compilation of the impacts of major agricultural sectors on the relevant factor markets. A study to provide such analyses would be extremely valuable to researchers who evaluate alternative agricultural policies and study agriculture-related sectors. Such study would in turn be of value to ultimate decision-making bodies which would be provided with broad, yet more refined understanding of the role of agriculture in the South Dakota economy. In short, study of this role is needed to refine the decision-making process with respect to the agricultural economy from the initial research stages to the formal legislative level.

Library of Congress Subject Headings

Agriculture -- Economic aspects -- South Dakota
South Dakota -- Economic conditions

Format

application/pdf

Number of Pages

106

Publisher

South Dakota State University

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