This is the seventh volume of AEI's annual series on Contemporary Economic Problems. It is the last to be edited by William Fellner, the distinguished scholar who conceived the project for AEI and guided it until his death on September 15, 1983. This series of studies on current economic issues has, over the years, become an integral part of the American Enterprise Institute's research program. Under Dr. Fellner's leadership, the series has achieved a prominent place among the professional literature while fulfilling its primary objective-to contribute to the public discourse on- economic policy.