*And when its price dropped in early 1986 below $15 per barrel, oil too sold for no more than it did in 1933 in relation to the prices of manufactured goods and services

*On this, see two quite different discussions, one by Dennis Avery, senior agricultural analyst, of the U.S. Department of State, “U.S. Farm Dilemma; the Global Bad News Is Wrong,” Science 230, 24 (October 1985); and Barbara Insel, International Affairs Fellow at the Council on Foreign Relations in New York, “A World Awash in Grain,” Foreign Affairs (Fall 1985).

*Real Primary Commodity Prices by David Sapsford, IMF Internal Memorandum, May 17, 1985.

*On this, see my book Innovation and Entrepreneurship (New York: Harper & Row, 1985).

*This is cogently argued by Stephen Marris, for almost thirty years economic adviser to the Organization for Economic Cooperation and Development (OECD), in his Deficits and the Dollar: The World Economy at Risk (Washington, D.C.: Institute of International Economics, December 1985).

*I had occasion to discuss this issue repeatedly with Walter Reuther, then head of the UAW, when the contract was under negotiation. Reuther feared, groundlessly as it turned out, that “defined benefits” would make the worker conscious of the identity of interest between himself and the employer and thus alienate him from the union.