Introduction

Since 1917 (and possibly some time before), United States agriculture has been characterized by a capacity to expand production every twenty to twenty-five years by as much as it produced in 1875. Further, this impressive rate of growth has been accompanied by an almost chronic tendency to expand production (both before and since the introduction of price and production controls) to the point at which product prices fail to cover investments and expenditures in producing farm products. Results have been (1) relatively abundant supplies of low-priced food for consumers and (2) either low returns and capital losses for producers or taxes to shift the burden of losses from individual farmers to the public at large.