Principles of Agricultural Economic

Principles of Agricultural Economic
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Principles of Agricultural Economic

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Publisher: Agrotech Publications
ISBN: 9788183213448
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PREFACE
The nature of agricultural economics is such that it obtains most of the principles from general economics, thus there is no basic difference between general and agricultural economics. Thus the need to separate these two is that agricultural economics does not imply direct application of the principles but before application they are modified so that their postulates totally tally with the situations. These modifications are so large and varied that there is a complete justification for studying it as a separate branch of knowledge. When the subject of study is individual farmer then it is micro-economics and when we study agricultural economy as a whole then it is called macro-economics. The basic difference between the static and dynamic concept is that in former, time variable is not taken into account while the latter analysis deals with a period of time. In the present day dynamic concept is gaining momentum. Agriculturist economics such as Frosten and Leoger have classified it as an applied science as it is concerned with the identification, description and classification of economic problems of agriculture. Thus, agricultural economics is concerned with the evolving of appropriate principles that govern the amount of land, labour, and capital that the farmer should use to maximize his profit and using the factors efficiently. Agriculture is the science and art of cultivation of crops and raising the livestock and is not only a mode of livelihood but also a way of life. Agricultural production economics is a science because it relies on the principles and verifications of the data. It is an art because it deals with the various ways of application of the principles and to suit the conditions. Agriculture has a vital bearing on the economic life of every nation. Experience in the last 8-10 decades during which the world has passed through boomdepressions, and wars has shown that, both in the west and
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in the east, the importance of agriculture in national economy must receive the recognition if future policy is to reconcile exploitation of resources to maximum economic social welfare Agricultural economics is concerned not merely with natural sources, but has also a good deal to do with values or assessment of phenomena or facts by human or social standards. It provide assumptions, theories and principles governing agriculture with the purpose of providing society with the means of decent living at the least cost or on most economical lines. In other words, the basis for its claim as an applied science is that it is a methodical pursuit of knowledge of economic processes, organizations and their results, for the purpose of stabilizing, adapting, or modifying them to secure maximum human welfare under