Farm Product Prices, Redistribution, and the Early U.S. Great Depression
Bibliographic Data
| ID | 20737498 |
|---|---|
| Authors | Joshua K Hausman (University of Michigan, corresponding author), Paul W Rhode (University of Michigan), Johannes F Wieland, Johannes Wieland (University of California San Diego) |
| Year | 2021 |
| Volume | 81 |
| Issue | 3 |
| Pages | 649-687 |
| Publication date | 2021-09-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Journal of Economic History (JOURNAL) |
| Journal identifiers | ISSN: 0022-0507 • E-ISSN: 1471-6372 |
| Publisher | Cambridge University Press (CUP) (PUBLISHER) |
| DOI | 10.1017/s0022050721000334 |
| OpenAlex | W3181635071 |
| Language | EN |
| Citations received | 3 |
| References cited | 24 |
We argue that falling farm product prices, incomes, and spending may explain 10–30 percent of the 1930 U.S. output decline. Crop prices collapsed, reducing farmers’ incomes. And across U.S. states and Ohio counties, auto sales fell most in crop-growing areas. The large spending response may be explained by farmers’ indebtedness. Reasonable assumptions about the marginal propensity to spend of farmers relative to nonfarmers and the pass-through of farm prices to retail prices imply that the collapse of farm product prices in 1930 was a powerful propagation mechanism worsening the Depression
Agricultural economics · Agriculture · Depression (economics) · Economics · Falling (accident) · Geography · Great Depression · Macroeconomics · Marginal propensity to consume · Monetary economics · Product (mathematics) · Redistribution (election) · Economics of Agriculture and Food Markets · Housing Market and Economics · Monetary Policy and Economic Impact
Golden fetters
Household Balance Sheets, Consumption, and the Economic Slump
The Great Crash and the Onset of the Great Depression
The Prewar Business Cycle Reconsidered
The Effects of Monetary Change on Relative Commodity Prices and the Role of Long-Term Contracts
Farm Foreclosures in the United States During the Interwar Period
Why Did Income Growth Vary Across States During the Great Depression
Not Guilty? Agriculture in the 1920s and the Great Depression
Agricultural Crises and the International Transmission of the Great Depression
The Sources of Regional Variation in the Severity of the Great Depression
Employment in the Great Depression
Booms and Depressions
The Nation in Depression
| Unique citing works | 3 |
|---|---|
| Citations per year | 3 |
| Citation span | 2025 - 2026 (2) |
| Citation velocity | current |
| Highly cited | No |
| Citation types | Neutral: 3 |