Projected Pattern of British Food Consumption
Rising food prices in the United Kingdom have proved to be one of the greatest economic problems of the 1970s.1 Britain has pursued a low-cost food policy since the end of World War II and a dramatic increase in the price of food was always reckoned to be one of the major costs of British membership of the European Community. Opponents of British entry to the Common Market argued that the increase in the price of food, by its effect on wages, would be highly inflationary. Supporters of British entry argued that the increased price of food would be offset by a decrease in the cost of other commodities which account for a higher proportion of the family budget.
KeywordsMeat Product Total Expenditure Food Price Income Elasticity Retail Prex
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Notes and References
- 2.T. E. Josling, Brian Davey, Alister McFarquhar, A. C. Hannah and Donna Hamway, Burdens and Benefits of Farm-Support Policies, Agricultural Trade Paper No. 1 (London: Trade Policy Research Centre, 1972);Google Scholar
- McFarquhar and M. C. Evans, ‘rojection Models for UK Food and Agriculture’, Journal of Agricultural Economics, Manchester, September 1971.Google Scholar
- McFarquhar and Evans op. cit.; McFarquhar (ed.), Europe’s Future Food and Agriculture (Amsterdam: North-Holland, 1971); and Josling et al., op. cit.Google Scholar
- 7.A. P. Barten, ‘Estimating Demand Functions’, Econometrica, London, No. 2, 1968;Google Scholar
- A. P. Barten, ‘Consumer Demand Functions under Conditions of Almost Additive Preference’, Econometrica, No. 1–2, 1964;Google Scholar
- A. P. Barten, ‘Maximum Likelihood Estimation of a Complete System of Demand Equations’, European Economic Review, London, Vol. 1, 1969.Google Scholar
- 9.An estimated set of margins was provided by T. E. Josling when at the London School of Economics, based on the work done on margins published in John Ferris et al., The Impact on US Agricultural Trade of the Accession of the United Kingdom, Ireland, Denmark and Norway to the European Community (East Lansing: Institute of International Agriculture, Michigan State University, 1971).Google Scholar