3 ms·
Financial viability of farming as a business is independent of yield across all farms in a market. The consequence of radical improvements in agricultural yiel
by rmah 4y ago
Financial viability of farming as a business is independent of yield across all farms in a market. The consequence of radical improvements in agricultural yields lower prices (as a % of unskilled labor income) and usually means that most farmers go out of business (or export most of their crop). The upside is that the society overall gets much much wealthier.