In India there are about 280m cows. They produce valuable things-milk, dung and calves. But cattle are expensive to keep. The biggest outlay is food-the average cow consumes fodder worth about 10,000 rupees ($160) a year. Veterinary costs also add up. These expenses are so high that cows are often a poor investment. According to a new and splendidly titled nber paper, which looks at cow and buffalo ownership in rural areas of northern India, the average return on a cow is -64% once you factor in the cost of labour.
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