High Point Enterprise Newspaper Archives Apr 14 1974, Page 30

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High Point Enterprise (Newspaper) - April 14, 1974, High Point, North Carolina 12b High Point Enterprise sunday april 14, 1974 Price controls on food help by Bill Humphries . State University Raleigh a should there be Federal Price controls on food the nations experience in 1973 should help answer that question believes or. Charles r. Pugh an Extension economist at North Carolina state University. As food costs Rose last year the agricultural policy specialist said Many Consumers reacted predictably and called for government action. Price controls were imposed on a number of items at retail but not at the farm level. A however a Pugh said a Price controls were found to be self defeating in the Long run. Producers respond to High prices by increasing Supply. When prices Are rolled Back or Frozen the incentive for producers to expand their output is controls on prices last year resulted in a cutback rather than an increase in meat and other food supplies the economist said. A the experience of 1973 a rising prices at the farm and retail Levels with a relative Scarcity of food a confirmed the operation of the Law of Supply and demand a the Nusu specialist said. A consequently Public policies relating to food must be examined in terms of their potential effect on underlying Supply and demand Pugh said that although . Farmers received record High prices and incomes in 1973, a number of events that affected worldwide food and feed supplies a May not be repeated in future drought and other poor weather conditions held producing Down in Many countries. World Grain output was Down by 7 per cent. Production of peruvian fish meal an important protein source for livestock feed was Low. American Farmers he said cannot always depend Mon having bumper crops while producing conditions Are poor in other countries. A another economic lesson from the 1973 experience a Pugh said a is that the Price of food is highly sensitive to changes in . Production of most crops last year was at record Levels. But All time High Levels of exports including unexpected Large wheat and feed Grain sales to Russia left . Consumers a bidding against each other for Only the residual even a Small change in available food supplies the economist said can result in a substantial change in Price in the opposite direction. A despite the High level of exports this past year Export embargoes Are not Pugh said. A in fact artificial limitation of agricultural exports would deprive the . Of opportunities to achieve a balance of he said Long Range Hopes of maintaining reasonable Levels of . Farm income depend upon having Export As Well As Domestic outlets. In addition he pointed out Export sales provide a Means for american Consumers to pay for imported goods. 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