Word: intractibility
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Dates: during 1986-1986
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Farm policy, in other words, is the tar baby of political economy through most of the non-Communist world: an intract-able mess that seems to get ever stickier. Communist nations have agricultural headaches too, but theirs stem from too little production caused mainly by a lack of incentives for farmers. The root problem in the free world is the exact opposite: high price supports and other subsidies have encouraged farmers to grow bigger crops than markets can absorb. In Western Europe, for example, agricultural output has been growing four times as fast as food consumption; in the U.S., farm...
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