Farm economics with particular reference to farm management

Abstract

I should like to commence by quoting briefly from Sir Miles Thomas’s biography—a quotation I consider important because it was made by one of the leading business managers of the twentieth century. “My farming venture in Southern Rhodesia provided nothing but headaches. After several years of farming at Fort Victoria I came firmly to the conclusion that whatever else can be done by remote control, farming certainly cannot. It needs the constant and regular attention of the owner to fortify the administration of the manager. The best fertilizer for any farm is still the farmer’s boot.” I hope you will see how much I agree with Sir Miles. As economists we are, presumably, interested in seeing that the best use is made of all available resources in the field in which we work. As a farm management economist I have two targets to aim for (1) the best use of available resources in achieving production, and (2) maximization of farmers profitability. Unfortunately, these two aims are not necessarily compatible, and since my obligation is to the farmer in the first place, my main aim is therefore that of the individual farmers’ profitability.