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Abstract
Inflation has been identified by many as the nation's number one economic problem. And that makes the theme of this plenary session-- inflation and its pervasiveness in agriculture and the food system-- especially timely. Unfortunately (and perhaps inexcusably), we have woefully little rigorous analysis of the subject to allow comprehensive assessment of impacts. We can, then, hardly be prescriptive. The role of the agricultural commodity programs in the performance of the national economy and their contribution to the persistent inflation is complex. The complexity has grown in this decade with the increased interdependence of'the agricultural sector and the national economy.