TITLE:
Economic Inequality among US Farm Households: Assessment of the Role of the 2008-2009 Financial Crisis
AUTHORS:
Hisham S. El-Osta, Ron L. Durst
KEYWORDS:
Economic Inequality, Financial Crisis, ARMS, Shapley Value
JOURNAL NAME:
Modern Economy,
Vol.7 No.5,
May
31,
2016
ABSTRACT: This paper aims to
evaluate the potential impact of the 2008-2009 financial crisis on the economic
inequality among US farm households. To accomplish this objective, a
multivariate regression procedure and a decade-long pooled state-level cross
sections of data from the Agricultural Resource Management Survey (ARMS) were
used. Among the major findings is the inverse relationship between both income
and wealth inequality and factors such as when the famer has a college
education or beyond, when the farm is owned partly or fully, and when the farm
is located in the Midwestern region. These findings underscore the importance,
in terms of policy perspectives aimed at lowering economic inequality, of
investing in human capital and in maintaining a stable agricultural economy.