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 average age of a farmer is around the age of 57 in this country, so we need young people to get involved in farming. Itâs a great industry to be in if they can handle the stress and the ups and downs. You have freedom to set your own schedule, and itâs a great way of life.â.