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© 1980 Oxford University Press and the Foundation for the European Review of Agricultural Economics

other

Agricultural commodity supply regulation and inflation control*

R. MCFALL LAMM, Jr.

U.S. Department of Agriculture Washington

Summary

During the last decade, inflation has been a major economic problem in most developed countries. Efforts to control inflation have been ineffectual, however, and inflation rates have consistently exceeded targets. Substantial social costs have been imposed as a consequence.

This paper suggests the use of agricultural commodity supply regulation as a method for partially controlling inflation. Commodity supply regulation has been used for many years as a device for redistributing income to the farm sector. It has not been used as a means for implementing macroeconomic policy, however, even though commodity supply regulation has substantial effects on food prices.

The payoff from utilizing agricultural commodity supply regulation to pursue macroeconomic policy would come through increased food price control. Food composes about 20% of consumer price indices in most developed countries. Commodity supply regulation would allow for direct control of this component.


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