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Summer 2022

ISSN 0890-913X

Volume 37, Number 2

Price Fluctuation of Agricultural Products: Can the Theory of Complex Phenomena Explain It Better?

Oluwaseun Samuel Oduniyi, Texas Tech University

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TheJournalofPrivateEnterprise37(2),2022,47-55PriceFluctuationofAgriculturalProducts:CantheTheoryofComplexPhenomenaExplainItBetter?OluwaseunSamuelOduniyiTexasTechUniversityAbstractThefoodsystemandthegrowthoftheagriculturalsectorarethreatenedbyagriculturalpricefluctuations.ThispaperadoptsHayek’stheoryofcomplexphenomenatoexplorethesimpleandcomplexcomponentsofsuchfluctuations.Italsoidentifiesvariousunderlyingfactorsthatneedtobeaddressedtominimizethefluctuationsandmeetthefoodneedsofagrowingpopulation.JELCodes:B13,Q02,Q11,Q18Keywords:Hayek,pricefluctuation,complexity,agriculturalcommoditiesI.IntroductionAgriculturehasbeenamajorindustryfromtimetotimeinthehistoryofhumankind.Anditplaysavitalroleintheeconomicdevelopmentofmanycountries.AccordingtotheWorldBank(2018),agriculturalactivitiesaccountedfor4percentofglobalGDPin2018.Morethan25percentoftheseactivitiesoccurindevelopingcountries.Thereisnodoubtthatagricultureenhancesfoodsecurityandreducespoverty,especiallyamongtheruralpoorinAfrica,whereagricultureprovidesalivelihoodforatleast52percentoftheeconomicallyactivepopulation(Davisetal.2017).TheUnitedNationsGeneralAssemblyidentifiesagriculture(morespecifically,sustainableandinclusivefoodsystems)asacriticalmeansofattainingitsSustainableDevelopmentGoals(or2030Agenda),whichweredevelopedin2015andsupplantedtheMillenniumDevelopmentGoals.However,thefoodsystemandthegrowthofagriculturearethreatenedbypricefluctuation,climatechange,andmanyotherfactorsinsub-SaharanAfrica.Feedingtheworldpopulation—projectedbytheUnitedNations’FoodandAgricultureOrganizationtobeabout9.7billionpeopleby2050(Bruinsma2009),withnearlyallofthepopulationincreaseoccurringindevelopingcountries—inthefutureisbecomingamirage.Thebiggestfactorsthatthreatenthefoodsystem

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Title	Price Fluctuation of Agricultural Products: Can the Theory of Complex Phenomena Explain It Better?
Authors/Creators:	Oluwaseun Samuel Oduniyi, Texas Tech University
Year:	2022
Volume:	37
Number:	2
Pages:	47 - 55
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Articles
Keywords:	Hayek, price fluctuation, complexity, agricultural commodities

Citation:
Oduniyi, Oluwaseun Samuel / 2022. "Price Fluctuation of Agricultural Products: Can the Theory of Complex Phenomena Explain It Better?." The Journal of Private Enterprise, 37(2): 47-55.