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.
The countryâs farmers and ranchers are getting older, and there are fewer people standing in line to take their place. New Mexico has the highest average age of farmers and ranchers of any state at nearly 60, and neighboring Arizona and Texas arenât far behind. Nationally, agricultural census figures show that the fastest-growing group of farmers and ranchers is the segment over 65. The Agriculture Department is beginning work on its 2012 census, and Merrigan is afraid the average age will be even higher when the statistics are compiled.