[5].Aswasseenintheprecedingfootnote,themoneyrateofinterestduring1949-51wasintheneighborhoodof50percentperyear,,aftertheissuanceofanewcurrencyin1949,gherthantheactualra,inflationcontinuedinTaiwan,thoughatalowerrate,wellafter1953.

www.youxs.org

Underthesharerestriction,recall,thehypothesisofincreasedfarmingintensitystatesthatthereexistsatendencyto,andsincedifferentphysicalattributesofcropsrequiredifferentinputintensitiesfortheircultivation,,withtheaddedconstraintonrentalsharing,ctedpatternsofcropchoiceinturnrendersevidenceconfirmingthatintenantfarmsthemarginalproductoflandhadincreased-andthemarginalproductsoftenantinputshaddecreased—underthesharerestriction.

CultivatedLandandCropArea

,theyclaim,allowedthetenantagreaterabilitytoinvest,ate,however,in,ifmorecostly(effective)fertilizersledtoahigherrentalannuity,thepossibilitiesofborrowingthroughthemarket,[3]andthatthelandownermayinvestinlandandraisetherentalpercentage.

Theperiod1949-51reportedlyhadthehighestinterestratesonrecordinTaiwan.[4]Theprevailinginflationdoesnotseemtoexplainfullywhytheserateswereconsiderablyhigherthanthoseoflateryears.[5]Inthesameperiod,(sincetheexistingpoliticalinstabilityandhighinterestratestendtodiscourageinvestment),anincr,andefficientallocationrequirestheequalizationofmarginalreturnseverywhere.

However,”theinterestrateschargedbythesebanksareuniformlyregulatedbythegovernment,whicharemuchlowerthantheprevailingratesinlocalmoneymarkets,…ricemerchantswerenotallbenefitted…becausemostofthemcouldhardlyobtaintheneededcreditfromthebanks.”

AccordingtoevidenceobtainedfromAsianagriculture(seechapters3and4,sectionAofthischapter,andAppendixB),wefindnonotabledifferenceininputintensitiesamongfarmswithdiffer,asisshownincolumns7and8intable2,underthesharerestrictionin1951,farmingpopulation(admittedlyaroughmeasureoflaborinput)perunitoflandwas47percenthigherintenantfarmsthaninownerfarms.[2]rmsimpliesthatthemarginalproductoflandintenantfarmswashigher,andthemarginalproductoftenantlaborwaslower,thansimilarresourcesemployedelsewhere.

However,”theinterestrateschargedbythesebanksareuniformlyregulatedbythegovernment,whicharemuchlowerthanprevailingratesinlocalmoneymarkets,ricemerchantswerenotallbenefittedbecausemostofthemcouldhardlyobtaintheneededcreditfromthebanks.”

[3].SeeIrvingFisher,TheTheoryofInterest(NewYork:MacmillanCo.,1930);andJackHirshleifer,”OntheTheoryofOptimalInvestmentDecision,”JournalofPoliticalEconomy(August,1958).

[4].,RiceMarketinginTaiwan(Taipei:JCRR,1955),pp.

Inthischapter,therefore,www.youxs.org.[1]

www.youxs.org

LetmebeginbyclarifyingthemeaningofsometermswhichIshallemploy.

[1].Seesourcescitedinchapter1,sectionB.

[2].,,sincein1951partofthepublic-tenantlandswassoldtotenants(recallthatasmallportionofthetenantlandswasunderstateownership).Thelabor-landratiointenantfarmswouldbes,asmallmarginshouldbeallowedformoreintensivetenantfarming,sinceagreaterportionofpaddyfieldswereundertenancy(seetable4inchapter8).

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