The Farmers' Economic Travail.

The 1920s afforded unprecedented economic opportunities for many Americans, but not for the nation's farmers. They had enjoyed unusual prosperity during World War I, owing to the increased demand for American agricultural products in war-torn Europe, but in the 1920s they were plagued by low prices for agricultural products, high costs for producing these goods, and heavy debt. Increases in the American farmers' productivity created surpluses that drove commodity prices down and lowered their income. While prices for agricultural products remained low, costs for land, machinery, equipment, labor, transportation, and taxes were rising, creating greater disparity between a farmer's costs and income.

An Inaccurate Diagnosis.

The pervasive "farm problem" of the 1920s was complex. The market compensated a farmer's increased productivity and efficiency with a lower standard of living. Collectively, Americans devoted too many resources — land, labor, and...