Abstract
This study was undertaken to investigate the macroeconomics of agricultural economics using secondary data collected from different sources to appraise results in the course of the research. The analysis was to determine the macroeconomic contribution of agricultural economics to national growth and development. The survey revealed that agricultural economics helps to enhance investment, employment, trade, foreign exchange earnings, government revenue, food security, technological innovation, economic growth and development. In addition, in all contributions to the gross domestic product (GDP), agriculture is most vital, because no work or thought can be exercised without the release of energy which comes from food. The following recommendations are proffered to increase the influence of agricultural economics on the macroeconomics of a national economy: the monetary policy rate (MPR) or discount rate (DR) should be reduced to 0-2% to enhance agricultural production, tax revenues, exports, employment, food security, technological innovation, and the GDP.
Highlights
Agricultural economics is the scientific study of how to effectively and efficiently utilize and allocate scarce agricultural resources in order to satisfy insatiable human and animal needs and wants [1]
The predilection of this article is to discover how agricultural economics contributes to macroeconomics towards national growth and development via: investment; employment; trade, foreign exchange earnings and government revenue; food security; technological innovation; and economic growth and development
It is the sole function of agricultural economics to continually seek for new ideas on how to expand agricultural productivity and farm incomes, with commensurate extension, through extension science, of improved agricultural technologies to areas low in productivity and incomes to spring up development in these areas
Summary
Agricultural economics is the scientific study of how to effectively and efficiently utilize and allocate scarce agricultural resources in order to satisfy insatiable human and animal needs and wants [1]. Macroeconomics is the scientific study of economics at the aggregate level; it’s the scientific study of the overall performance of the economy [4]. Agricultural economics is a branch of economics, which is majorly divided into microeconomics and macroeconomics. The predilection of this article is to discover how agricultural economics contributes to macroeconomics towards national growth and development via: investment; employment; trade, foreign exchange earnings and government revenue; food security; technological innovation; and economic growth and development
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