Adjustment in agriculture: agribusiness

I have just uploaded a new paper to Robin's website. It is:

Johnson R W M (1988e) Adjustment in agriculture: agribusiness, Discussion Paper 121, Vol 1: 103-112, Agribusiness and Economics Research Unit, Lincoln College, University of Canterbury.

This was a paper presented to the July 1988 annual meeting of the NZ branch of the Australasian Agricultural Economics Society. Here is the abstract.

This paper reviews changes in the agribusiness sector since 1984. Evidence is based on available statistics and some anecdotal information. Considerable changes are identified in factor markets, input markets and service markets. Main features include rapid increases in factor productivity, stabilization of service prices (except interest), a decline in investment and a decline in balance sheet assets. Amalgamation and restructuring has occurred in the input and service industries and surplus capacity still exists at several points. Outputs can only be maintained at current high levels by disinvestment in the capital base. The agribusiness sector is likely to settle down at some new lower level of output and investment with increased levels of productivity in the medium term.