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Preliminary Exam CSAT February 06

1. The distribution of the benefits and costs of innovation has been the subject of a reasonably large number of articles within the agricultural economics literature. Beginning with Cochrane (1958, 1993), some economists have argued that agricultural innovation is a treadmill for farmers with an implicit (sometimes explicit) notion that technological change in agriculture has made farmers worse off. In Cochrane's analysis, only the earliest adopters could benefit from new technology, and their benefits were fleeting. Eventually, the price-depressing effects of increased output would offset the gains. Those who were slow to adopt or did not adopt would lose. He characterized the process as a treadmill that farmers must tread to survive but that involved unhappy consequences for agriculture.

Which of the following is/are the most rational and logical Inference/Inferences that can be made from the passage?

The traditional methods of farming were better than new technological methods.

Balancing the demand and supply of agricultural products may protect farmers from losses.

Select the correct answer using the code given below.

(a) 1 only (b) 2 only (c) Both 1 and 2 (d) Neither 1 nor 2

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Some Reference Essays

List of previous year essay topics (1997-2019)

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