College economist's crop insurance work has significant impact at home and abroad
Dr. Barry Goodwin of the Department of Agricultural and Resource Economics is a nationally recognized risk management expert who has helped craft policy that affects farmers nationwide.
Photo by Daniel Kim
North Carolina farmers have a lot of reasons to take out crop insurance, from the threat of natural disasters to simply having had a bad production year. They can choose from a number of different government-backed plans, tailored to their specific needs.
Working behind the scenes to help shape these state and federal crop insurance policies and to make sure they benefit farmers is Dr. Barry Goodwin, William Neal Reynolds Professor of agricultural and resource economics, College of Agriculture and Life Sciences.
Most recently, Goodwin worked with the North Carolina Department of Agriculture and Consumer Services to develop rates for a new type of crop insurance being introduced in North Carolina, called "AGR-lite." Goodwin's actuarial work helped the government set premiums for the insurance that are accurate and will best fit the needs of the state's growers.
While Goodwin's work impacts crop insurance policy in North Carolina, it also extends far beyond our state's borders. A nationally recognized risk management expert, he has helped craft policy that affects farmers throughout the United States and in developing countries around the world. In March, Goodwin was named a Fellow of the American Agricultural Economics Association, further distinguishing him as a national leader in his field.
"Crop insurance has taken on a very big role in national ag policy now," Goodwin says. "As economists, we focus on designing policies so that they work best for the taxpayer. It's all about using data to accurately measure a person's risk."
Along with colleague Dr. Nick Piggott, associate professor of agricultural and resource economics, Goodwin is working with the United States Department of Agriculture on a study that examines the role of insurance in addressing the risks associated with plant and animal diseases.
Goodwin also is involved in a study that explores whether there should be limits on the total amounts of the payments that farmers receive. Goodwin's work has shown that a lot of the payout money sent to farmers doesn't actually end up in their hands, but rather in the hands of the people who own the farmland. When Brazil recently brought a case against the U.S. on farm production as it relates to this issue, the federal government used Goodwin's work to better document the production effects of U.S. farm subsidies.
In Florida, Goodwin and his team are helping create a plan that will support farmers whose citrus tree crops fall victim to citrus canker disease. They've developed a "self-help" type plan that enables citrus farmers to buy into a pool that will pay out if their crops come down with the disease. Such a plan may be effective without government involvement, Goodwin explains, as it affords citrus farmers protection and peace of mind.
Goodwin also has directed his efforts overseas, working with the World Bank to conduct a feasibility study on maize insurance in Tanzania and Uganda. His next project will focus on wheat insurance in Ukraine.
"One of the big concerns for the developing world is yield risk and how to address this risk," he says. "We're trying to develop market-based solutions around the world to put instruments in place that would help farmers in developing countries deal with risk."
While Goodwin has a passion for research that makes a difference in North Carolina and beyond, he also is a dedicated and popular classroom teacher. Each fall for the past two years, he has arranged a trip to Washington, D.C., to give his students once-in-a-lifetime opportunities to meet directly with policy makers.
Over a day and a half last fall, the students met with nearly two dozen people, from USDA leaders to congressional staffers to lobbyists.
"These students are getting face-time with people who usually don't take time to meet with student groups," Goodwin says. "Nothing I've done in 15 years of teaching has had the effect that I think this has, in terms of a learning experience. It's very eye-opening for the students."
-Suzanne Stanard
Working behind the scenes to help shape these state and federal crop insurance policies and to make sure they benefit farmers is Dr. Barry Goodwin, William Neal Reynolds Professor of agricultural and resource economics, College of Agriculture and Life Sciences.
Most recently, Goodwin worked with the North Carolina Department of Agriculture and Consumer Services to develop rates for a new type of crop insurance being introduced in North Carolina, called "AGR-lite." Goodwin's actuarial work helped the government set premiums for the insurance that are accurate and will best fit the needs of the state's growers.
While Goodwin's work impacts crop insurance policy in North Carolina, it also extends far beyond our state's borders. A nationally recognized risk management expert, he has helped craft policy that affects farmers throughout the United States and in developing countries around the world. In March, Goodwin was named a Fellow of the American Agricultural Economics Association, further distinguishing him as a national leader in his field.
"Crop insurance has taken on a very big role in national ag policy now," Goodwin says. "As economists, we focus on designing policies so that they work best for the taxpayer. It's all about using data to accurately measure a person's risk."
Along with colleague Dr. Nick Piggott, associate professor of agricultural and resource economics, Goodwin is working with the United States Department of Agriculture on a study that examines the role of insurance in addressing the risks associated with plant and animal diseases.
Goodwin also is involved in a study that explores whether there should be limits on the total amounts of the payments that farmers receive. Goodwin's work has shown that a lot of the payout money sent to farmers doesn't actually end up in their hands, but rather in the hands of the people who own the farmland. When Brazil recently brought a case against the U.S. on farm production as it relates to this issue, the federal government used Goodwin's work to better document the production effects of U.S. farm subsidies.
In Florida, Goodwin and his team are helping create a plan that will support farmers whose citrus tree crops fall victim to citrus canker disease. They've developed a "self-help" type plan that enables citrus farmers to buy into a pool that will pay out if their crops come down with the disease. Such a plan may be effective without government involvement, Goodwin explains, as it affords citrus farmers protection and peace of mind.
Goodwin also has directed his efforts overseas, working with the World Bank to conduct a feasibility study on maize insurance in Tanzania and Uganda. His next project will focus on wheat insurance in Ukraine.
"One of the big concerns for the developing world is yield risk and how to address this risk," he says. "We're trying to develop market-based solutions around the world to put instruments in place that would help farmers in developing countries deal with risk."
While Goodwin has a passion for research that makes a difference in North Carolina and beyond, he also is a dedicated and popular classroom teacher. Each fall for the past two years, he has arranged a trip to Washington, D.C., to give his students once-in-a-lifetime opportunities to meet directly with policy makers.
Over a day and a half last fall, the students met with nearly two dozen people, from USDA leaders to congressional staffers to lobbyists.
"These students are getting face-time with people who usually don't take time to meet with student groups," Goodwin says. "Nothing I've done in 15 years of teaching has had the effect that I think this has, in terms of a learning experience. It's very eye-opening for the students."
-Suzanne Stanard