By Pranav K Desai
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Additional resources for Agricultural Economics
Above where OY measures quantities of corn and OX measures the amount of labour employed in agriculture. The curve AP represents the Agricultural Economics 22 average product of labour and MP, the marginal product of labour. With OM am punt of labour employed in agriculture sector, OQRM total corn is produces. Rent, according to Ricardo, is difference between AP and MP. At the subsistence wage rate Ow, the supply curve of labour WL is infinitely elastic, and the total wage bill is OWLM. e. WPTL = OQRM - ( PQRT + OWLM) Total output increases with economic development and with it the wage fund also rises.
If average labour productivity is given, we can determine the produce of the present period S. Let: SI -1 = corn output of the previous year (or wage fund). w = average wage per worker per period. p = average labour prod uctivity. p W We have assumed here that whole produce of the previous year has been converted into wage fund. But in actual practice, a proportion of this produce may be consumed by unproductive labourers. Let (1 - k) be unproductive consumption of corn from the previous year. p Growth rate of the economy (g), therefore, may be defined as: g= 5t - 1 = (pjw)k-1 Hence, in Adam Smith's growth model, growth rate depends upon the value of p, wand k.
Savings from the agricultural sector. 5; is the function of profits generated by the industrial sector, which in turn depend upon the extent of demand created for industrial products by the agricultural sector. If the agricultural sector remains underdeveloped and fails to generate a matching demand for industrial products, profits will fall and we will soon be approaching a stage termed as "stationary state" by classical writers. Hence, the whole burden of increasing investment falls on the agricultural sector, so that.
Agricultural Economics by Pranav K Desai