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Excerpt from The Utility Concept of Net Social Cost: A Criterion for Public Policy
Programs to restrict output such as supply control and acreage diversion involve the greatest social cost. Of programs designed to provide wheat farmers with million net income, direct payments, market subsidies, sup ply control (two-price monopoly), and acreage diversion programs rank from lowest to highest in social cost. In general, however, social cost is not large in relation to net farm income. Social cost, as a proportion of net farm income, is only percent for acreage diversion program VII, percent for supply control program III, and percent for market subsidy programs X and XI. It is apparent that supply control programs such as III could involve greater social cost than some Government programs.
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