THE SOUTH AFRICAN WOOL SUPPLY RESPONSE

The production of wool in South Africa has declined substantially over the past twenty years. This has been a consequence of a number of factors, the most important being the relative decline in world prices, both gradually before the collapse of the Australian wool price scheme, and more abruptly since then. The purpose of this article is to analyse the impact of the changes in the price of wool and some other variables on the supply response of the South African wool industry