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Farming Agriculture and The Economy American farmers approached the 21st century with some of the same problems they encountered during the 20th century. The most important of these continued to be overproduction. As has been true since the nation's founding, continuing improvements in farm machinery, better seeds, better fertilizers, more irrigation, and effective pest control have made farmers more and more successful in what they do (except for making money). And while farmers generally have favored holding down overall crop output to shore up prices, they have balked at cutting their own production. Just as an industrial enterprise might seek to boost profits by becoming bigger and more efficient, many American farms have gotten larger and larger and have consolidated their operations to become leaner as well. In fact, American 108

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Friedrich August von Hayek, 1974 Nobel Prize Winner

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