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.
Age of U.S. Farmers. As of the 2007, or latest, U.S. Census of Agriculture; U.S. farmers averaged 57.1 years (see Figure 1). Average age was first reported for the 1945 Census of Agriculture at 48.7 years. Thus, over this 62 year span, average age of U.S. farmers has increased 8.4 years, or 17%.