Farm Price Supports - Why Do We Have Them?

Farm price supports are another case in which the consumer is simply being protected against low prices. Why do we have em? Because you have a relatively small group of people who regard themselves as having much at stake, and therefore they are to be more effective politically than the diffused consumer interest. We often think that this is a country in which we have majority rule. But it's a very special kind of majority. It's a majority that is formed by a coalition of minorities. The basic reason why economists have not been able to persuade the public is the one i have alluded to.