income support

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income support

see SOCIAL SECURITY BENEFIT.
Income supportclick for a larger image
Fig. 90 Income support. In many countries income-support systems are used specifically to assist the agricultural sector. In the graph, the equilibrium market price is OA. If this price is considered too low to adequately remunerate farmers, the government will set a guaranteed or SHADOW PRICE, say OB, and thus supplement farm incomes by a deficiency payment equal in the aggregate to the shaded area ABCE. Note, in contrast to the PRICE-SUPPORT method, consumers still pay the market-determined price OA and producers sell market-determined output OQ.

The UK used the income-support method to assist its agricultural sector prior to joining the EUROPEAN UNION'S COMMON AGRICULTURAL POLICY scheme in 1973. See AGRICULTURAL POLICY.

income support

  1. 1a means of supplementing the INCOMES of poorer members of the community by means of TRANSFER PAYMENTS such as supplementary benefits, unemployment benefit, etc. See NEGATIVE INCOME TAX, REDISTRIBUTION OF INCOME PRINCIPLE OF TAXATION.
  2. a method of supporting the incomes of
certain producers by providing direct payment where market prices are felt to yield insufficient income.
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