Farm Household Well-Being: Comparing Consumption- and Income-Based Measures

Carol Adaire Jones, Daniel Milkove and Laura Paszkiewicz

No 58299, Economic Research Report from United States Department of Agriculture, Economic Research Service

Abstract: Household economic well-being can be gauged by the financial resources (income/ wealth) available to the household or by the standard of living enjoyed by household members (consumption). Based on responses to USDA’s annual Agricultural Resource Management Survey (ARMS), a joint effort by the Economic Research Service (ERS) and the USDA National Agricultural Statistics Service, ERS has long published estimates of farm household income and wealth. This report presents, for the first time, estimates of consumption-based measures of well-being for farm households based on new questions in ARMS. The consumption measure provides a different perspective from income or wealth on farm households’ well-being relative to that of all U.S. households.

Keywords: Agricultural and Food Policy; Consumer/Household Economics; Food Consumption/Nutrition/Food Safety (search for similar items in EconPapers)
Pages: 42
Date: 2010-02
New Economics Papers: this item is included in nep-hap
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Persistent link: https://EconPapers.repec.org/RePEc:ags:uersrr:58299

DOI: 10.22004/ag.econ.58299

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