Biotech Contributes to Tripled US Farm Output with Less Inputs
February 28, 2024| |
The US farm output has nearly tripled from the 1948 level in 2021, with an average annual increase of 1.46. The increased productivity is widely agreed to be the top contributor to the economic growth of US agriculture. These data are presented in the Summary of Recent Findings released by the US Department of Agriculture Economic Research Service (ERS) regarding agricultural productivity in the US.
ERS also reports that technological advancements such as animal and crop genetics, chemicals, equipment, and farm organization were the main enablers of continuous output growth without additional inputs.
“During that period, the amount of inputs used in farming declined slightly over time, meaning that the growth in agricultural output over the long term has depended on increases in total factor productivity (TFP). TFP measures the agricultural output produced from the combined inputs (land, labor, capital, and intermediate) employed in farm production. Therefore, growth in TFP indicates positive changes in the efficiency with which inputs are transformed into outputs. It can also be seen as an indicator of technical change,” ERS reports.
Read more from USDA ERS: Summary of Recent Findings and Agricultural Research and Productivity.
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