Heavy Lifting - thoughts and web finds by an economist
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Tuesday, April 10, 2007
From Southeast Farm Press Daily:
Based on yield, the top Virginia type variety was Phillips at 5,467 pounds per acre, followed by Wilson at 5,464, VA98-R at 5,354, Champs at 5,317, NC-V11 at 5,305, Brantley at 5,281, Gregory at 5,262, Perry at 5,028, and NC12 at 4,902. Brantley is a new variety from North Carolina and Champs is a new variety developed by Virginia Tech.A 100 acre farm dedicated to peanuts might yield a $100,000 in profit? Let's give the farmer an opportunity cost of $40,000 (roughly per-capita income). This gives the farmer an economic profit (accounting profit less opportunity cost) of about $60,000.
How many people would run a 100 acre peanut farm for an entire year for $60,000? Not too many, as evidenced by the relatively few people who actually work on farms. On the other hand, the economic profit of being an economics professor isn't too far off from that of our hypothetical peanut farm owner.
What does that say about economics?
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