Policy issues of agriculture economics

This is the second of the two complementary volumes on Agricul tural Economics. The first deals with the "Theoretical Issues of Agricultural Economics", and the second with the "Policy Issues of Agricultural Economics".

Facts and figures have been given with reference to old bench mark years as also for the latest years for which data were available. The Government of India publications give these periodically. The State governments also publish these facts and figures periodically and now their publications also contain inter-State data. Learned journals publish papers on various topics which are either based upon micro investigations or are critical evaluations of the strategies. Many of these papers are no doubt dealing with miniscule subjects, and may be of ephemeral importance (there were hundreds of such papers when India took a loan of 5.8 million dollars from the IMF) yet they always leave some important point for the subject. In a time and space profile of agricultural development, things of enduring value are to be incorporated, though they too are "endur ing in the relative sense only.

Each policy is critically evaluated in the light of the relevant theory and empirical evidence and critical comments that appeared during the last two decades or so. In formulating a particular opinion care is taken not to become opinionated. A policy is to be judged whether or not it could achieve the three cardinal objectives of promoting growth, stability and redistri bution. In fact a fourth objective cannot be thought of, for it will be subservient to the above objectives. Pronouncements about policies always involve value judgments and hence can always be considered subjective. Still, it is hoped that the readers will find data and policies are examined objectively. Policies cannot be framed in a socio-political vacuum. It is era where funds follow flag. Economics takes command from politics but if policies contravene fundamental economic laws and theories, they are bound to fail. Such policies may be changed but in the tabwhile they must have done incalculable harm to the economy. It is always bad politics which fails good economics. Facts, figures and policies are critically evaluated in all their ramifications.