Abstract
Economics, however variously its aims may be phrased and slanted, is the study of the structure and function of the economic system with an eye to the utilization of resources to produce the greatest possible output of desired goods and services. The short-range goal is always public policy, the ultimate aim the good life, in terms of material things. From this vantage point, let us survey federal price supports for agricultural commodities. It is the purpose of this paper to inquire into the matter along three lines: First, what has been the justification for price support programs? Secondly, to what extent has public action achieved the purposes at which it has been ostensibly aimed? And, lastly, to the extent that current and recent policies have miscarried or fallen short of the desired ends, what corrective amendments to such policies are in order?
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