Farm Household Well-Being: Comparing Consumption- and Income-Based Measures
AbstractHousehold economic well-being can be gauged by the financial resources (income/ wealth) available to the household or by the standard of living enjoyed by household members (consumption). Based on responses to USDA’s annual Agricultural Resource Management Survey (ARMS), a joint effort by the Economic Research Service (ERS) and the USDA National Agricultural Statistics Service, ERS has long published estimates of farm household income and wealth. This report presents, for the first time, estimates of consumption-based measures of well-being for farm households based on new questions in ARMS. The consumption measure provides a different perspective from income or wealth on farm households’ well-being relative to that of all U.S. households.
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Bibliographic InfoPaper provided by United States Department of Agriculture, Economic Research Service in its series Economic Research Report with number 58299.
Date of creation: Feb 2010
Date of revision:
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Web page: http://www.ers.usda.gov/
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household consumption; household income; household well-being measures; farm households; self-employed households; permanent income; permanent income hypothesis.; Agricultural and Food Policy; Consumer/Household Economics; Food Consumption/Nutrition/Food Safety;
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