Umm, no. No goods is wrong. You'd get less goods, but not no goods. Are you sure that you understand the law diminishing returns?Everyone should well know that if farmers as a whole cannot produce goods and make a profit at them, there will simply be no goods in that field of production in the future.
Because they understand economics and understand that overproduction today will only lead to less, not no production in the future. Supply will continue on that that extent at which it is profitable.Sure, you get a cheap burger today but no beef at all in the future. FDR knew that and his economists knew that and his agricultural advisors knew that.
I wonder why the geniuses at the Cato Insititute do not know that.