ABSTRACT

U.S. agricultural policy is best understood with reference to two general goals, which will be labeled "economic" and "political." The economic goal is to maximize the economic well-being of the nation as a whole. In the context of a market economy like that of the United States, it justifies government action and intervention in markets when markets fail to promote the general well-being. The political goal is to achieve and retain political office. It is a reason for market intervention in pursuit of votes.