HOW RESISTANT IS THE AGRICULTURAL SECTOR? ECONOMIC RESILIENCE EXPLOITED

• Published in: Economics & sociology Vol. 11; no. 3; pp. 321 - 332
• Main Authors: Morkūnas, Mangirdas, Volkov, Artiom, Pazienza, Pasquale
• Format: Journal Article
• Language: English
• Published: Ternopil Centre of Sociological Research, Foundation of Int 01.01.2018; Centre of Sociological Research; Fundacja Centrum Badań Socjologicznych; Centre of Sociological Research (NGO); Centre of Sociological Research, Szczecin, Poland
• Subjects: Agricultural economics; Agricultural research; agricultural sector; Agriculture; Disasters; Economic development; economic resilience; Economic sectors; Economic systems; Emergency preparedness; Entrepreneurship; Equilibrium; Financial Markets; Human performance; Lithuania; Marketing / Advertising; Markets; Policy, planning, forecast and speculation; Resilience; Rural areas; SAW; Statistical analysis; Strategic management; Sustainability; Volatility; Lithuania; Russia; economic resilience; SAW; Lithuania; agricultural sector
• ISSN: 2071-789X; 2306-3459
• DOI: 10.14254/2071-789X.2018/11-3/19

The concept of resilience has wide acceptance in different scientific doctrines and fields, from ecology to disaster management. Nowadays this phenomenon is being more and more intensively exploited in economic sciences in an attempt to measure the ability of economic systems to quickly regenerate from different external shocks or even to avoid them as such. This research paper examines economic resilience of the agricultural sector (including industries) with the example of Lithuanian empirical data. In order to measure the economic resilience of the agricultural sector, the appropriate index was created including a new derivative indicator - volatility of revenues from the desired growth path. Expert interviews, statistical analysis and econometrical modelling were employed in our research. The results show the increasing value of economic resilience of the Lithuanian agricultural sector up to the year 2015, which can be attributed to the accession into the EU, after this year inclination towards more profitable, but considerably more risky export markets lowers the calculated parameter of economic resilience of the Lithuanian agricultural sector. Such a tendency questions the sustainability of economic resilience of the Lithuanian agricultural sector.