741 B
741 B
Agricultural Price Regulation
Definition
Government interventions in agricultural markets aimed at controlling prices through mechanisms such as price floors, ceilings, or stabilization schemes. Agricultural price regulation can affect production incentives and market efficiency.
Source Chapter
Book I, Chapter 11
Context
Smith examines various forms of agricultural price regulation, including the Statute of Labourers and the Assize of Bread and Ale, arguing that such interventions often reduce economic efficiency and harm the interests they aim to protect.
Economic Domain
Regulation