Abstract
Staff Studies is the bi-annual (March and September) peer-reviewed journal of the Central Bank of Sri Lanka. The Journal aims at stimulating innovative research for the analysis of current macroeconomic issues and policy challenges faced by central banks while providing a forum to present recent theoretical and empirical research.
Highlights
Agriculture assumes an important place in a country
Agriculture is often discussed with passion and emotional attachment with overwhelming power to overturn any economic arguments for liberalization
Global production of agriculture increased at 2 percent per annum from 1977 to 1996, a rate lower than the growth rate of global Gross Domestic Product (GDP)
Summary
Agriculture assumes an important place in a country. Agriculture is often discussed with passion and emotional attachment with overwhelming power to overturn any economic arguments for liberalization. Economic liberalization allows countries to develop productive sectors while allowing creative. In sectors where emotional attachments are strong, such destruction seems brutal. Such perceptions could generate costs offsetting benefits from liberalization. Agriculture has assumed a central role in strategic political plans in both developed and developing countries. There could be serious economic and social costs if agricultural policies are not handled prudently. This paper recommends a policy rule for the liberalization of agriculture in Sri Lanka. Part II explains role of agriculture in economic growth of countries. Part IV explains political economy aspects, and Part V concludes with policy prescription and justification
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