According to USDA's Economic Research Service (ERS), the national net farm income, a key indicator of U.S. farm well-being, is forecast at a record 121 billion in 2013, up 6% from last year, and about 3 billion above 2011's previous record. In addition to record net farm income, farm wealth is...

We propose a theory-based adjustment to the labor income share to correct for the self-employment bias. Through a two-sector neoclassical framework with agriculture and non-agriculture, we derive the productivity-adjusted aggregate labor income share in terms of the agricultural productivity...