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8.3.05 [ Farm Economics ] 0 comments

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Economics of Sustainable Farming

Industrial farmers are price-takers. That is, as the technology and crop becomes more standardized, as the good becomes easier and cheaper to produce, the market price lowers.

It's a double-bind solution; one farmer adopts the low-cost technology, undercuts his competitors' prices, achieves a greater proportion of the market share. In order to sell their product at all, other farmers must also adpot the more efficient technology at the lower price.

The welfare of the individual farmer is relatively unchange; the welfare of the corporation that sells state-of-the-art farming equipment and technology is drastically increased since such corporations enjoy a high degree of market power.

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