Macroeconomic Aspects of Agricultural Development

- Macroeconomics deals with how does the overall economy and the market systems operate. It
encompasses inflation, price levels, rate of economic growth, national income, gross domestic
product and unemployment changes.
- Asia is primarily intensive rather than extensive
o Employ appropriate labor-intensive technology.
- Exchange rate regimes
o Trade for agriculture improved
o Helped agriculture to maintain terms of trade with industry
- COUNTERPRODUCTIVITY
o Reinforced import substitution strategies rather than export promotion
o Created a bias toward capital-intensive industrial development