caa a22 4500 397559380 CHVBK 20180308164812.0 cr unu---uuuuu 161202e199603 xx s 000 0 eng 10.1093/oxfordjournals.jae.a020901 doi (NATIONALLICENCE)oxford-10.1093/oxfordjournals.jae.a020901 Arcand Jean-Louis Université de Montr´eal Land-ownership, Working Capital and Agricultural Output: Egypt 1913-58 [Elektronische Daten] [Jean-Louis Arcand] A simple model is constructed in which short-term credit is needed to finance the purchase of inputs, in which there is bankruptcy risk, and in which land is the preferred means of saving of the small land-owner. These imperfections, which I argue were important characteristics of Egyptian agriculture during the first half of this century, result in aggregate agricultural output being dependent on the distribution of land-ownership. I study the effect on aggregate agricultural output of changes in the distribution of land-ownership by using Rothschild-Stiglitz' mean-preserving spreads. The main theoretical insight is that aggregate agricultural output will be increased by a decrease in the inequality of the distribution of land-ownership when returns to scale are decreasing. The results are extended to two concepts of Lorenz domination. Testable short- and long-run empirical propositions are formulated and carefully tested on Egyptian data for the period 1913-58. I find that, controlling for factor inputs, there is no trade-off between equity and efficiency for Egyptian agriculture—they go hand in hand in the short-run. © Centre for the Study of African Economies Articles nationallicence Journal of African Economies Oxford University Press 5/1(1996-03), 92-158 0963-8024 5:1<92 1996 5 jafeco https://doi.org/10.1093/oxfordjournals.jae.a020901 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1093/oxfordjournals.jae.a020901 text/html Onlinezugriff via DOI NATIONALLICENCE 100 1- Arcand Jean-Louis Université de Montr´eal NATIONALLICENCE 773 0- Journal of African Economies Oxford University Press 5/1(1996-03), 92-158 0963-8024 5:1<92 1996 5 jafeco Metadata rights reserved CC BY-NC-4.0 http://creativecommons.org/licenses/by-nc/4.0 nationallicence SWISSBIB 217755747 BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-oxford