If modern agriculture is bad for soil in the long run, the owners of the soil surely will have an opinion about that. That's not even an externality.
The only thing holding back soil sustainability would be high interest rates. But that hasn't been a thing in more than a decade.
While they can pump in nitrogen and phosphorus, they can get away with trashing the soil as much as they want. But if phosphorus becomes scarce they'll be suddenly left with ruined soil and no cost-effective work-around.
If modern agriculture is bad for soil in the long run, the owners of the soil surely will have an opinion about that. That's not even an externality.
The only thing holding back soil sustainability would be high interest rates. But that hasn't been a thing in more than a decade.