Extract: Real milk prices 15-20 percent lower than in 1983 would approximately balance production and consumption under conditions projected for the dairy industry during the remainder of the eighties. Government purchase, storage, and disposal could effectively stabilize prices near this level, but these are wasteful means of raising prices and, thereby, enhancing producers' incomes. Other programs such as direct payments, supply control, and price discrimination can transfer income to farmers at less cost to society in the short run, but can lead to serious inefficiencies over time. Changes in the marketing order program to bring prices charged to processors and paid to producers more in line with the value of the services associated with the milk would contribute to the efficiency of the industry.

The December issue contains a cumulative list of decisions reported for the year, by act, docket numbers arranged in consecutive order, and cumulative subject-index, by act.

In 1985, the U.S. Congress confronted the difficult and complex task of developing a 5-year omnibus legislation allowing for lower commodity prices. But, policies predicated on the concept of agriculture as a unique sector of the economy became less and less appropriate to the highly interdependent, open agricultural economy throughout the 1980s. First published in 1985, this collection of 16 papers and related discussions contained in these proceedings is an important contribution toward understanding the issues, options, and dilemmas in U.S. agricultural policy. This is an ideal title for students interested in environmental studies, agriculture, and national policy.

Presents industry reviews including a section of "trends and forecasts," complete with tables and graphs for industry analysis.