The peasant economy review of the Different Theories

Course ID
Ethiopian Economics Association (EEA)
Abdulhamid Bedri


This paper reviews various theories of the peasant economy. It is shown that the theories have differences as well as similarities. The formalist’ school, profit maximization and utility maximizing peasant theories take efficiency as a central issue in their analysis. In contrast to the profit maximizing assumption, risk averse’ peasant theory, formalist theory and some of the political economy theories argued that the aim of peasant production is to avoid risk in the production of household food requirements and not to maximize profits by taking decisions involving high levels of risk. Others argued that profit is alien to peasant producers. Still others argued that risk aversion behavior does not preclude profit maximization behavior. No theory can be said to fully explain all aspects of peasant production; indeed for the present, all of the theories may have relevance in explaining different aspects of the peasant economy.

Corporate Author:Ethiopian Economic Association/Ethiopian Economic Policy Research Institute (EEA/EEPRI)
Publisher:Ethiopian Economic Association (EEA)
Primary Descriptors:History of Economic Thought,

Secondary Descriptor:Methodology, and Heterodox Approaches

Cataloge Date:03/02/2013
Broad Subject heading:Economic conditions
Call Number:330.05 ETH JOU
Serial Key Title:Ethiopian Journal of Economics
Publication catagory:Ethiopian Journal of Economics
Content type:EEA Publication
Year:October, 1992
Publication date:1992-03-02 00:00:00
Forum or Discussion date:2013-03-02 00:00:00
PDF file: Abdulhamid Bedri_The peasant economy review of the Different Theories.pdf
Place of publication:Addis Ababa, Ethiopia
Type of material:Serial (Journal)
Current frequency:Semiannual
Author: Abdulhamid Bedri

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