ESPITE the time that has elapsed since the appearance of Professor Schultz's Agriculture in an Unstable Economy,1 and the critical comment that it has already evoked,2 there seem to be good reasons for re-examining that work now. The book is probably the most widely read study of the basic economic problems relating to American agriculture that has appeared since the war. It can be fairly confidently forecast that the continuing improvement of European agriculture will be accompanied by a renewed consideration of agricultural problems and that Schultz's book will be significant in the formulation of policies directed toward their solution la It seems justifiable, therefore, to review once more, and in a different way, certain aspects of Schultz's work. Early in the book Schultz makes the useful and clarifying distinction between long and short run agricultural problems. In his words: