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Agricultural Economics

Agricultural Economics Syllabus for M.A. Economics

Agricultural Economics (Paper-7.4) MA./M.Sc. Economics Part-II

This course aims at introducing students to the theoretical and quantitative aspects of various Agricultural theories. This is achieved by providing the students with an understanding of Agricultural theory and models.

 Topic 1: Introduction and Importance of Agriculture

  • Agricultural Revolution
  • Importance of Agriculture
  • Food Safety
  • Agriculture vs. Industrial Development Debate
  • Current State of Agricultural Development
  • Brief Overview of Sources of Growth
  • Introduction to issues in Agriculture etc.

Topic 2: Structure and Characteristics of Agriculture in LDCs

  • Traditional Agriculture and Productivity.
  • Access to non-labor resources.
  • The Framing Environment: Natural Hazards and Economic Uncertainties.
  • The Food problem.
  • Farm Size and Productivity.
  • Farm Size in Pakistan and Productivity Commercial Farms.
  • Impact of Agricultural Reforms on Farm Size.

Topic 3: Role of Agriculture in Economic Development

  • A framework of Analysis.
  • Product Contribution, Market Contribution, Factor Contribution.
  • Foreign Exchange Contribution.
  • Agriculture vs. Industry Debate of Development.

Topic 4: Theory of Rent and the Concept of ‘Surplus’

  • Introduction to Economic Rent.
  • The Theory of Rent.
  • Rent and Quasi-Rent.
  • The Ricardian ‘Corn Rent.
  • The Rental Market.
  • Agricultural Surplus.
  • Characteristics of Landownership in Underdeveloped Agriculture and Pakistan.
  • The Theory of Share Tenancy. Some Extensions of the Share Tenancy Model.
  • Tennurial Status in Pakistan.
  • Agricultural productivity in Pakistan and use of inputs.

Topic 5: Agriculture in Dualistic Development Models

  • Introduction.
  • The Lewis Model.
  • The Ranis-Fei(FR) Model.
  • The Jorgenson Model.
  • Kelley, Williamson, Cheetham Model.
  • Dual Economy Models.
  • Agricultural Adquecy; Mellor’s Model.

Topic 6: Resource Use Efficiency and Technical Change in Peasant Agriculture

  • Efficiency of Resource Utilization.
  • Technological Change in Agriculture.
  • Generation of new Agricultural Technology.
  • Factor-biased Technological Change and its Distributional Consequences.
  • Agricultural Technical Change and Agricultural  Employment:  Empirical  Evidences.
  • Agricultural Resources and Technical Change in LDCs:  with Special Reference to Pakistan.

Topic 7: Supply Response

  • Introduction.
  • The Cobweb Model: An Illustration.
  • Price-Supply Response in Backward Agriculture.
  • A simple Supply Response Model.
  • Supply Response in the Underdeveloped Agricultural labour Market, Specifically in Pakistan.
  • The Concept of ‘ Marketed Surplus’: Some Methods of Estimation.
  • Some Criticisms of Krishna’s Method and the Alternative Approach of Behrman Perennial Crops and Marketed Surplus in Pakistan.
  • Green Revolution in Pakistan and Responses.
  • Present  Status of Green Revolution in Pakistan: Empirical Analysis.

Topic 8: Institutional Constraints  and Remedial Policies

  • Inequitable Landownership and Land Reform.
  • Capital and Finance in Underdeveloped Agriculture.
  • Marketing Imperfections and Marketing Policy in Pakistan.
  • Measures to Improve Marketing System in Pakistan.
  • Support Price Policy in Pakistan.
  • Determinants of support prices.
  • Impacts of support prices.

Topic 9: Population and Food Supplies

  • The Classical Model.
  • Contra-Malthusian Model.
  • Ecological Disequilibrium.
  • Synthesis of Population and Food Supply Theories.
  • Malnutrition in Developing Countries like Pakistan and Remedial Manners.
  • Choice of Planning Strategy for Agriculture Development, Agricultural Project Planning.

Topic 10: Agriculture and International Trade

  • Main Features of Trade in Agricultural Goods.
  • Trade Policies in Developed Countries and their Impacts.
  • Welfare Gains from Price Stabilization.
  • Terms of Trade Issue.
  • A Survey of the Literature.
  • Some Measurement Problems.
  • Prebisch’s Hypothesis.
  • The Agricultural Self-Sufficiency Argument in Developing Countries like Pakistan.
  • Cartels in Commodity Trade and Welfare Gains and Losses.
  • Integrated Commodity Agreement (ICA) Schemes.
  • The Compensating Financing Schemes in Pakistan.
  • Impact of Policy Measures on Primary Product Trade of Pakistan.
  • Few agricultural goods production and exports to few markets ; Issues and problems of instability in exports.
  • WTO and its implications for Pakistan’s agriculture, with special reference to quality, dumping, subsidies, State Trading, Sanitary and Phytosanitary rules and marketing rules etc.
  • Subsidies and Developed Countries.

Suggested Readings:

  1. Brown, Lester, The Social Impact of Green Revolution, New York, The Greogie Endowment for International Peace,
  2. Capstick Margret. The Economics of Agriculture, London George Allen Unwin Ltd., latest
  3. Chaudhary M. Aslam, (1989), Agricultural Development and Public Policies, Izhar Sons, Lahore.
  4. Ghatak S., and Ingersent K., Agriculture and Economic Development, (Latest Edition), Harvester.
  5. Johnston, Bruce, F & Fellir Kily. Agricultural and Structural Transformation, Economic Strategies in late Developing.
  6. Khan Mahmood-ul-Hassan. The Economics of Green Revolution in Pakistan, New York, Published
  7. Karamat, A., Political Economy of Rural Development in Pakistan, Lahore Vanguard Book House,
  8. Shafi,  (1995),   Pricing of  Farm  Produce in  Pakistan,  Objectives,  Practices,  and Experiences. Print Associates International, Islamabad.
  9. Thorbake     The  Role  of  Agriculture  in  Economic  Development,   New  York, Columbia University Press (1971).
  10. Upton Marlin, Agricultural Production and Resource
  11. Colman D. and Young T., Principals of Agricultural Economics, Markets and Prices in Less Developed Countries, (1989), Cambridge University
  12. Yujiro Hayami and Vernon W. Ruttan, Agricultural Development, John Hopking University Press, London. (Latest edition).

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