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2002•RePEc: Research Papers in EconomicsOpen access

Wealth and Income Contribute Jointly to the Economic Well-Being of Farm Operator Households

Ashok K. Mishra, Hisham S. El‐Osta, Mitchell J. Morehart, James Johnson, J. W. Hopkins, Mishra, Ashok, El-Osta, Hisham, Morehart, Mitchell, Johnson, James, Hopkins, Jeffrey

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Abstract

Economic well-being of the farm sector and farm households has been historically associated with incomes, especially income from farming. However, net income of the farm business may be a small percentage of the total income available to the farm family. Since the early 1990s, just under half of U.S. farm operators indicated in USDA surveys that their major occupation was something other than farming. Thus, the true economic well-being of farms must account for all income, both farm and off-farm, as well as the growing importance of wealth such as home equity and investments.

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Economic well-being of the farm sector and farm households has been historically associated with incomes, especially income from farming. However, net income of the farm business may be a small percentage of the total income available to the farm family. Since the early 1990s, just under half of U.S. farm operators indicated in USDA surveys that their major occupation was something other than farming. Thus, the true economic well-being of farms must account for all income, both farm and off-farm, as well as the growing importance of wealth such as home equity and investments.

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Available abstract

Economic well-being of the farm sector and farm households has been historically associated with incomes, especially income from farming. However, net income of the farm business may be a small percentage of the total income available to the farm family. Since the early 1990s, just under half of U.S. farm operators indicated in USDA surveys that their major occupation was something other than farming. Thus, the true economic well-being of farms must account for all income, both farm and off-farm, as well as the growing importance of wealth such as home equity and investments.

Key concepts: Net income, Agriculture, Farm income, Net farm income, Economics, Agricultural economics, Equity (law), Business

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