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Economic Well-Being of Farm Households

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  • Jones, Carol Adaire
  • El-Osta, Hisham S.
  • Green, Robert C.
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    Abstract

    Farm subsidy programs were introduced in the 1930s largely due to concern for chronically low, and highly variable, incomes of US farm households. Today commodity-based support programs are still prominent, though income and wealth of the average farm household now exceed that of the average nonfarm households - by a large margin. Farm income continues to be highly variable, but the small set of farm households most at risk for income variability - because farm income represents more than one-third of household income - are those operating large farms. And they have substantial net worth, which cushions uncertain farm income.

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    File URL: http://purl.umn.edu/34095
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    Bibliographic Info

    Paper provided by United States Department of Agriculture, Economic Research Service in its series Economic Brief with number 34095.

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    Date of creation: 2006
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    Handle: RePEc:ags:uerseb:34095

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    Related research

    Keywords: Farm households; household income; household wealth; household net worth; living expenses; joint income-wealth indicator; economic well-being; financial well-being; Off-farm employment; Income variability; ERS; USDA; Consumer/Household Economics;

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    Cited by:
    1. Elanor Starmer, Aimee Witteman and Timothy A. Wise, . "06-03 "Feeding the Factory Farm: Implicit Subsidies to the Broiler Chicken Industry"," GDAE Working Papers 06-03, GDAE, Tufts University.
    2. Hutchings, Timothy R. & Nordblom, Thomas L., 2011. "A financial analysis of the effect of the mix of crop and sheep enterprises on the risk profile of dryland farms in south-eastern Australia," AFBM Journal, Australasian Farm Business Management Network, vol. 8(1).
    3. Pardey, Philip G. & Koo, Bonwoo & Drew, Jennifer & Nottenburg, Carol, 2012. "The Evolving Landscape of IP Rights for Plant Varieties in the United States, 1930-2008," Staff Papers 119346, University of Minnesota, Department of Applied Economics.
    4. Browne, Natalie & Kingwell, Ross & Behrendt, Ralph & Eckard, Richard, 2013. "The relative profitability of dairy, sheep, beef and grain farm enterprises in southeast Australia under selected rainfall and price scenarios," Agricultural Systems, Elsevier, vol. 117(C), pages 35-44.

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