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Profits And Risk: Fitting An Old Framework To A New Agriculture

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  • Saxowsky, David M.
  • Wachenheim, Cheryl J.

Abstract

Textbooks in agricultural economics characterize resources used in production agriculture into four categories; land, labor, capital and management. Profit is presented as earned in the process of management. This traditional list of resources is respecified. Management becomes a specialized type of labor and two additional resources, information and the willingness and ability to bear risk, are added. It is argued that profits accrue not to management but to those willing and able to bear the risk inherent in production agriculture. The strategy of equity diversification is presented as a means for farmers to provide this resource and thus earn economic profits. Producer education and the repeal or amendment of legislation restricting the ability of farmers to diversify their equity investment are needed.

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Bibliographic Info

Paper provided by Western Agricultural Economics Association in its series 2001 Annual Meeting, July 8-11, 2001, Logan, Utah with number 36133.

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Date of creation: 2001
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Handle: RePEc:ags:waealo:36133

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Keywords: Risk and Uncertainty;

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  1. Lawrence, John D. & Otto, Daniel M. & Meyer, Seth D., 1997. "Purchasing Patterns of Hog Producers: Implications for Rural Agribusiness," Journal of Agribusiness, Agricultural Economics Association of Georgia, vol. 15(1).
  2. Ervin, David E. & Smith, Katherine R., 1994. "Agricultural Industrialization and Environmental Quality," Choices, Agricultural and Applied Economics Association, Agricultural and Applied Economics Association, vol. 9(4).
  3. Lawrence, John D. & Otto, Daniel & Meyer, Seth D., 1997. "Purchasing Patterns of Hog Producers: Implications for Rural Agribusiness," Staff General Research Papers 5149, Iowa State University, Department of Economics.
  4. Knoeber, Charles R, 1997. "Explaining State Bans on Corporate Farming," Economic Inquiry, Western Economic Association International, Western Economic Association International, vol. 35(1), pages 151-66, January.
  5. Hurt, Christopher, 1994. "Industrialization in the Pork Industry," Choices, Agricultural and Applied Economics Association, Agricultural and Applied Economics Association, vol. 9(4).
  6. Drabenstott, Mark, 1994. "Industrialization: Steady Current or Tidal Wave?," Choices, Agricultural and Applied Economics Association, Agricultural and Applied Economics Association, vol. 9(4).
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Cited by:
  1. Bazzani, Guido Maria & di Pasquale, S. & Gallerani, Vittorio & Viaggi, Davide, 2002. "Water Regulation and Irrigated Agriculture Under the EU Water Framework Directive," 2002 International Congress, August 28-31, 2002, Zaragoza, Spain 24898, European Association of Agricultural Economists.
  2. Bazzani, Guido Maria & di Pasquale, S. & Gallerani, Vittorio & Viaggi, Davide, 2002. "Water Policy And The Sustainability Of Irrigated Systems In Italy," Working Papers 14401, University of Minnesota, Center for International Food and Agricultural Policy.
  3. Barnard, Freddie & Yeager, Elizabeth, 2013. "The Perfect Storm: A Case Study Illustrating How a Series of Events Led One Farm Operator to Develop a Risk Management Plan that Includes a Lender’s Perspective," Journal of the ASFMRA, American Society of Farm Managers and Rural Appraisers, American Society of Farm Managers and Rural Appraisers.

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