Holy Cows or Cash Cows? The Economic Return to Livestock in Rural India
Holy Cows or Cash Cows? The Economic Return to Livestock in Rural India
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圣牛还是摇钱树？
DOI：
10.1086/695138
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发表时间：
2018
影响因子：
2
通讯作者：
Attanasio O
中科院分区：
文献类型：
--
作者：
Attanasio O
本文重新审视了最近的说法，即在发展中国家环境中拥有牛的贫困家庭的行为不符合资本主义的原则。我们指出，讨论仅基于一年的证据，而奶牛和水牛是回报随时间变化的资产。在干旱年份，饲料稀缺且价格昂贵，牛奶产量较低，利润也较低。在非干旱年份，饲料充足且价格便宜，牛奶产量较高，利润也高得多。因此，奶牛和水牛的回报率，就像华尔街交易的许多股票一样，在某些年份是正的，而在另一些年份是负的。在某一年，风险资产的回报率为负，这一事实当然不能被用作资本主义基本原则的矛盾。我们报告的证据，从3年的数据回报奶牛和水牛在阿南塔布尔区，并表明，在一个3年的回报是非常高的，而在干旱的年份，他们主要是负的。
This paper revisits recent claims that poor households owning cattle in developing countries settings do not behave according to the tenets of capitalism. We point out that the discussion was based on evidence from one single year only, while cows and buffalos are assets whose return varies through time. In drought years, when fodder is scarce and more expensive, milk production is lower and profits are low. In nondrought years, when fodder is abundant and cheaper, milk production is higher and profits can be considerably higher. Therefore, the return on cows and buffalos, like that of many stocks traded on Wall Street, is positive in some years and negative in others. The fact that in a given year the observed return on a risky asset is negative could certainly not be used as a contradiction of one of the basic tenets of capitalism. We report evidence from 3 years of data on the return on cows and buffalos in the district of Anantapur and show that in one of the 3 years returns are very high, while in drought years they are predominantly negative.
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