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The paper examines the evolution of beginning farms’ income statement and balance sheet items over a 15-year period. The purpose of this paper is to gain insight into the diversity of beginning farms from a financial point of view.

Using the USDA’s Agricultural Resource Management Survey (ARMS), the author constructs a synthetic panel of data consisting of age cohorts of beginning farmers and follow them over time. Baseline financial information for the farm income statement and balance sheet is examined in 1999 and again in 2014 for each cohort.

Overall, there is a marked contrast in the evolution in the income statement between beginning farmers who are under 45 years old and those over 45. The gross cash income of the youngest cohorts grows tremendously, as do their expenses, indicating rapid expansion in production on the part of the youngest cohorts. The change in the balance sheets of the cohorts also provides a glimpse into the changing roles of beginning famers over time. The youngest cohort of beginning farmers increase the current and non-current assets on their balance sheets by a substantial amount, more than doubling both. Furthermore, the youngest cohort is the only group to take on more current liabilities, indicating increased financing of the production expenses.

Differences in the evolution of financial profiles of beginning farms may predict differences in future output, and it could be a predictor of the farm’s operational goals or intentions, as well as predictor of future financial needs and challenges.

Knowing and understanding likely trajectories of beginning farmers may provide an opportunity to better tailor farm programs, outreach, and support to beginning farmers.

The purpose of this paper is to examine the use of Section 1031 of the Internal Revenue Code (IRC), a piece of US tax law that allows for tax‐deferred exchanges of like‐kind property.

The paper derives a theoretical premium value for exchanges and presents the first national level analysis of Federal tax data on the use of like‐kind exchanges involving farmland between 1999 and 2005.

There is significant interest in Section 1031 from stakeholders in rural communities because there is widespread belief that the recent growth in farmland values may have, in part, been stimulated by Section 1031 exchanges of farmland. Despite these concerns, little is known about the extent of such exchanges.

This paper provides insight into the value and use of the IRC's Section 1031 provision. Based on simulations of a theoretical model using plausible assumptions about asset growth, the paper shows how proposed tax changes will affect the tax value of the deferral.

The purpose of this paper is to estimate the impact of Internal Revenue Code cost recovery provisions – Section 179 and “bonus depreciation” – on farm capital investment.

The authors construct a synthetic panel of data consisting of cohorts of similar farms based on state and production specialization using the USDA’s Agricultural Resource Management Survey for years 1996-2012. Employing panel data methods, the authors are able to control for time-invariant fixed effects, as well as the effects of past investment on current investment.

The authors estimate statistically significant investment demand elasticities with respect to the Section 179 expensing deduction of between 0.28 and 0.50. A change in bonus depreciation, on average, had little impact on capital investment.

The estimates suggest there is a modest effect of the cost recovery provisions on investment overall, but a stronger effect on farms that have more than $10,000 in gross cash farm income. There are other implications for the agricultural sector: the provisions may encourage technology adoption with its associated benefits, such as reduced cost of production and improved conservation practices. On the other hand, the policy could contribute to the growing concentration in production as large commercial farms expand their operated acreage to take advantage of increasingly efficient physical capital.

To the authors’ knowledge, this is the first research to use a nationally representative dataset to estimate to impact of Section 179 and “bonus depreciation” on farm investment. The findings provide evidence of the provisions’ impact on farm capital purchases.

The purpose of this paper is to explore the congruencies and incongruences between the moral and entrepreneurial accountabilities of Lillian McMurry to provide insights for entrepreneurs and entrepreneurship. Ms McMurry was the entrepreneurial force behind the founding of Trumpet Records, a unique, Mississippi Delta Blues record label in the 1950s.

The examination of this historical case study is grounded in the theoretical examination of the tensions between Lillian McMurry’s felt moral and entrepreneurial accountabilities. Using an analytical archival historical method, a narrative explanation of how these tensions influenced the success and, ultimately, the failure of Trumpet Records are developed.

The accounting records highlighted a number of issues hampering the commercial profitability of Trumpet Records. Moreover, the archival and documentary sources examined also proved revealing as to conflicts between Ms McMurry’s personal character and mercantile determination as an entrepreneur.

The approach of using analytically structured historical narrative as a research strategy is but one method of explaining the tensions between the moral and entrepreneurial accountabilities of Lillian McMurry.

The proponents of virtue ethics suggest that this Aristotelian personal character perspective is more fundamental than traditional, act-oriented consequentialist teleological and deontological ethical decision-making approaches. A perspective of moral accountability exceeding the norm of the obstructionist stance is required to maintain a sound balance between entrepreneurial accountability and moral accountability.

This paper adopts a mercantile perspective, using the accounting and related business records of Trumpet Records, to examine the leadership characteristics of Lillian McMurry. Practical lessons learned for entrepreneurs facing the moral dilemma of competing accountabilities and advance questions to spur future research in this area are drawn.

This study aims to identify the political alignment and political activity of the 11 Presidents of Britain’s most important scientific organisation, the Royal Society of London, in its early years 1662–1703, to determine whether or not the institution was politically aligned.

There is almost no information addressing the political alignment of the Royal Society or its Presidents available in the institution’s archives, or in the writings of historians specialising in its administration. Even reliable biographical sources, such as the Oxford Dictionary of National Biography provide very limited information. However, as 10 Presidents were elected Member of Parliament (MP), The History of Parliament: British Political, Social and Local History provides a wealth of accurate, in-depth data, revealing the alignment of both.

All Presidents held senior government offices, the first was a Royalist aristocrat; of the remaining 10, 8 were Royalist or Tory MPs, 2 of whom were falsely imprisoned by the House of Commons, 2 were Whig MPs, while 4 were elevated to the Lords. The institution was Royalist aligned 1662–1680, Tory aligned 1680–1695 and Whig aligned 1695–1703, which reflects changes in Parliament and State.

This study establishes that the early Royal Society was not an apolitical institution and that the political alignment of Presidents and institution continued in later eras. Furthermore, it demonstrates how the election or appointment of an organisation’s most senior officer can be used to signal its political alignment with government and other organisations to serve various ends.

In this chapter, I attempt to extend insights regarding statistical aggregates from scholars, such as Hayek (1931) and Mises (1947), to the topic of inequality. Using the work of Lindert and Williamson (2016), I show that a disaggregation of inequality into some of its many subcomponents alters our reading of its evolution. While I only work with stylized facts from the field of economic history, and the authors argues that the promising implications derived from disaggregation militate in favor of more effort being directed toward decomposing the evolution of inequality.

This chapter discusses what the working practices and professionalism of sports lecturers can tell us about the challenges of professionalism in further education (FE). This chapter draws on Jake's doctoral research in which he interviewed five sports lecturers working in FE colleges in England, about their identities and practices. In this chapter, Jake talks about his own experiences as a sports lecturer in FE and how his increasing disillusionment with his role led him to undertake doctoral research in this field. We explore constructions of professionalism within FE, and we show that through a process Jake identified and labelled as ‘competitive mediation’, the sports lecturers he interviewed used their experiences as elite sports people to navigate the highly performative environments in which they were working. The positives and negatives of using this strategy for them, their learners and wider society are explored in this chapter. We suggest that although Jake's research focused specifically on sports lecturers in FE settings, his insights can be applied more widely, we reflect on the importance of considering the impact our own diverse lived experiences may have on our sense of professionalism as researchers and practitioners.

The Bureau of Economics in the Federal Trade Commission has a three-part role in the Agency and the strength of its functions changed over time depending on the preferences and ideology of the FTC’s leaders, developments in the field of economics, and the tenor of the times. The over-riding current role is to provide well considered, unbiased economic advice regarding antitrust and consumer protection law enforcement cases to the legal staff and the Commission. The second role, which long ago was primary, is to provide reports on investigations of various industries to the public and public officials. This role was more recently called research or “policy R&D”. A third role is to advocate for competition and markets both domestically and internationally. As a practical matter, the provision of economic advice to the FTC and to the legal staff has required that the economists wear “two hats,” helping the legal staff investigate cases and provide evidence to support law enforcement cases while also providing advice to the legal bureaus and to the Commission on which cases to pursue (thus providing “a second set of eyes” to evaluate cases). There is sometimes a tension in those functions because building a case is not the same as evaluating a case. Economists and the Bureau of Economics have provided such services to the FTC for over 100 years proving that a sub-organization can survive while playing roles that sometimes conflict. Such a life is not, however, always easy or fun.

Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some legal aspects concerning MNEs, cyberspace and e‐commerce as the means of expression of the digital economy. The whole effort of the author is focused on the examination of various aspects of MNEs and their impact upon globalisation and vice versa and how and if we are moving towards a global digital economy.