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.
In 1998, Gen Xers were roughly the same ages (18 to 33) as todayâs Millennials, and that year, only 80% of the Gen X population was in the labor force. So we can assume that the Millennial labor force still has some room for growth in the years to come.