Economic policies and Philippine agriculture

Abstract

The decline of agricultureshare in gross!domestic product and total employment has been the moat consistent structural change observed in the economic history of developed countries and in cross-section comparisons between poor and rich countries (Chenery and Syrquin, 1977).This trend is frequently explained in terms of the decline in income elasticity of food as Incomes rise (Engel's Law), discovery of synthetic substitutes for agricultural products, and rapid technological change in agriculture in response to growing scarcity of land.Both external and internal economic policies, however, may have unduly hastened the declining importance of the agricultural economy among less ,