Abstract
Crop insurance is one of an interrelated set of governmental activities aimed at solving problems in the farm sector. The most commonly perceived problems are farm incomes that are (1) too low and (2) too unstable. This is not a normative judgment, but rather a statement about the political situation: it has not proved possible to reach political equilibrium without government intervention in aid of farmers. Nonetheless, taxpayer and consumer costs constrain the scale of such intervention. Thus, farm policy is essentially an attempt to support and stabilize farm income without imposing undue (i.e., politically unsustainable) burdens on taxpayers or consumers. Governmental provision of subsidized crop insurance is an element of such policies, and under certain circumstances has become a key element.
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© 1994 Springer Science+Business Media New York
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Gardner, B.L. (1994). Crop Insurance in U.S. Farm Policy. In: Hueth, D.L., Furtan, W.H. (eds) Economics of Agricultural Crop Insurance: Theory and Evidence. Natural Resource Management and Policy, vol 4. Springer, Dordrecht. https://doi.org/10.1007/978-94-011-1386-1_2
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DOI: https://doi.org/10.1007/978-94-011-1386-1_2
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