While perusing the items at a quaint antique store, I happened upon a catalog from the 1920s advertising farm-fresh food. It featured cabbage for two cents per pound, a dozen eggs for forty-four cents, and a half-gallon of milk for thirty-three cents. The shop owner told me that he was perplexed by the prices because, adjusting for inflation, it should cost roughly four dollars for a dozen eggs and eight dollars for a gallon of milk in today’s dollars. Consumers today pay less than half of what we would expect to pay based on historic prices.

The antique store owner, like most Americans, didn’t realize that we currently spend a smaller percentage of our income on food than ever before. While on its face that may seem beneficial, this system of cheap food relies on billions of dollars of externalized costs that are kept...

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