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Pastimes : Book Nook
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To: Thomas M. who wrote (2)3/18/2001 9:45:53 AM
From: Don Lloyd   of 443
 
Thomas -

"...The perception of great economic hardship during the 1870s and 1880s, to some substantial degree, therefore, reflects what some economists call "money illusion". Farmers bewailed the persistent drop in farm prices, without noticing that the price of almost everything else was falling too. Falling prices favor creditors, of course; farm foreclosures were common. But, farm debt averaged just 13% of assets. The picture of great numbers of cruelly dispossessed farm families may contain a good seasoning of mythmaking. ..."

The average farm debt of 13% of assets likely hides more than it reveals. Included in that 13% might well be greater than 100% of assets for 25% of farms. We know that the long term agriculture productivity growth rate of 3.5% has decimated and consolidated the agriculture production sector. No family farm that has not evolved into an efficient business of sufficient scale or a specialty supplier can possibly have survived as an independent healthy entity.

Regards, Don
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