Agricultural supply management and farm policy

For most economic goods market participants are ‘not forced to make a deal.’ They can walk away, perhaps permanently, or revisit a transaction later if the terms of trade are more to their liking. That is not the case for food. It is a biological necessity to participate in the food market. This coercive property of food demand and other unique market characteristics make the agricultural sector very unresponsive to changes in price and hence—in...