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.
Today the average age of the nation's nuclear workers is about 50. Many will be eligible to start retirement at 55. Within five years, about 35 percent of the specialists who have been running U.S. nuclear plants for the past quarter-century -- about 19,600 people -- are expected to begin a mass retirement.