Farm Growth and Estate Transfer in an Uncertain Environment

Odell L. Walker, Mike L. Hardin, Harry P. Mapp and Clint E. Roush

Journal of Agricultural and Applied Economics, 1979, vol. 11, issue 1, 33-44

Abstract: Farm firm growth has been an important topic for research and discussion since the 1950s. Incentives for farm growth have been and continue to be substantial. An agricultural economy characterized by technological improvement, decreasing costs, competition, and an inelastic demand for farm products leaves little alternative but growth for a commercial farm. Farm growth is stimulated by the need to achieve size economies that arises partly from new technology and partly from large investments in machinery and equipment. Growth is encouraged by the improving managerial ability of the operator as he matures and gains experience. Increased family living needs and the desire to overcome the adverse effects of inflation on purchasing power spur interest in improving the farm's earning potential. In addition, the operator's goals may include size aspirations to satisfy the desire for a large operation or to support the family of a son or daughter attempting to become established in farming. Because the pressures for growth, both internal and external to the firm, are long-run phenomena in agriculture, continued study and evaluation of the process of entry, firm growth, and exit coordination are essential.

Date: 1979
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