Abstract
At the end of the twentieth century, Russia moved from a command economy, controlled by a centralized government, to a free market economy. The sudden decrease in governmental regulation led to downturns in every economic sector. The downturn within the agricultural sector appeared to be one of the most significant ones. In order to eliminate negative trends, normative legal acts were established, consequently forming a system of economic regulation in the sector. The main economic regulation instruments affecting agricultural production in Russia are (1) prices, (2) budget subsidies, (3) investments, and (4) taxes. This research focuses on identifying the role of various regulatory instruments in agricultural production. Firstly, the authors analyzed the dynamics of prices, the dynamics of budget subsidies, and the dynamics of investments in the agricultural sector. Secondly, they assessed existing regulation instruments affecting agricultural production. Thirdly, the decisive role of prices within the overall economic regulation system in agricultural production was determined through econometric modeling. Lastly, the authors proposed measures to stabilize prices within the market of agricultural raw materials and food products in Russia.
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