In 1995, for the first time since the 1930s, the United States failed to pass new farm program legislation. The inability to pass farm legislation occurred despite bipartisan agreement that farm programs should continue the trend over the past decade of less government intervention. This paper...

An evaluation of the risk-reducing effectiveness of the Livestock Gross Margin–Dairy (LGM-Dairy) insurance program, using historical futures price data, predicts economically significant reductions in downside margin risk (24–41%) across multiple regions. Supply analysis based on...

Agricultural economists are appropriately concerned about their profession's contributions to policy decisions. An examination of alternative approaches to transforming policy analyses is in order. There are opportunities to (a) focus on income and wealth distribution, (b) give attention to the...

This address is directed toward applied economists as they provide information to private and public decision makers. Central to this discussion is the role of markets as institutions in achieving society's desired ends. Current "economic correctness" -the view that unfettered markets are...