The Impact of Agricultural Subsidies

Paper Summary:

This paper illustrates the harm that agricultural subsidies have done to the economy, to the environment, and to people's livelihoods. It illustrates various case studies of certain crops that have received perverse subsidies and gives several case studies of attempts to reduce these subsidies. It also offers solutions to this problem, namely, to cut off all subsidies in case of emergency.

From the Paper:

"One of the basic tenets of economics is the old adage "there is no such thing as a free lunch." Even when you go to a presentation with a "free lunch" afterward, the cost of procuring that food was somehow externalized. If we apply this to public policy, one can see that certain economic sectors have received a so-called "free lunch" from the government, even though there are many costs. Agricultural subsidies are often portrayed to be an essential part of the well-being of a nation, but they can have damaging effects on the environment, cause stagnation in the economy, and can be detrimental to the livelihoods of people around the world."

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