Farm Subsidies and Private Property in Perspective
Faking Takings: Notes
1. The 15 to 20 percent capitalization estimates were established by Robbin Shoemaker, Margot Anderson, and James Hrubovcak, economists with USDA's Economic Research Service. Dr. Shoemaker advised that the estimates were a national average, and that regional differences would vary greatly. Personal communication, June 9, 1994.
2. The Export Enhancement Program is designed to boost international markets for domestic farm goods. The EEP expands U.S. market share overseas, raising net returns to the land and ultimately increasing domestic land values. This is evinced by increased U.S. competition in the world market during the recent past, suggesting that global demand is fairly responsive to U.S. supply changes, and that the EEP is contributing to land value increases (USDA 1990a).