From a resource standpoint, the important point of this comparison is that including the marginal external costs of production and allocating resources based on the full social cost results in a higher price for the good (Ps > Pp) and less output (Os < Op) than only including the private costs.
Today, the nation's farmers are 17 years older than the average American worker, with the ranks of farmers who are 75 years and up outnumbering those in their prime working years of 35 to 44. One big reason U.S. farmers are going gray: spiraling costs.
âThey found that more than half of todayâs farm operators are older than 55. In all but two counties in Wyoming, farming has attracted ever fewer people 34 years and younger. Most counties have also seen drops in the 35â54 age bracket. As a result, the average age of farmers and ranchers has increased in every county in Wyoming since 1920.â Subscribe now to Cow-Calf Weekly to get the latest industry research and information in your inbox every Friday!