The efficiency of the Common Agricultural Policy

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Abstract
The efficiency of the Common Agricultural Policy is dealt with in the spirit of traditional microeconomics, that is by relating the costs and burdens resulting from the policy to the progress achieved towards realizing specified objectives. The nature of policies and their costs and benefits is explored and related to the current operation of the CAP. Previous work on estimating the costs and benefits of the CAP is briefly reviewed. An analytical and methodological framework for the evaluation of efficiency is developed, which allows for the consistent comparison of alternative policies. Empirical application of this framework, restricted to the current policy, yields estimates of a variety of efficiency measures (cost/effect ratios), allowing a preliminary evaluation of policy directions within the current policy mix. While the analysis is reported largely at the Community level, breakdowns of the major results by member state and by farm size group are also reported.

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