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CONTENTS
Editor's Introduction -- Marion Clawson ix
COMMODITIES WITH INTERNATIONAL SIGNIFICANCE
THE ROLE OF AGRICULTURE
IN ECONOMIC DEVELOPMENT -- D. Gale Johnson 		3
Economic Development and the Demand for Agricultural Products 6
Changing the Supply Function for Agricultural Products 8
Recent Trends in Total and Per Capita Agricultural Production 12
Agriculture in the Sixties 12
Eastern Europe 15
Western Europe 20
United States 22
Low-Income Countries 22
Summary and Conclusions 24
THE WORLD OIL OUTLOOK -- M. A. Adelman 27
Summary and Conclusions 27
Some Basic Notions 30
An Industry of "Inherent" Surplus? 33
Decreasing Costs and Natural Monopoly 34
Increasing and Decreasing Cost in Petroleum Production 35
Marginal Costs, Market Shares, and "Peaceful Coexistence" 46
The Industry Cost Function 46
Marginal Cost-Revenue Gap as the Engine of Supply and Price Change 47
The Market-sharing Mechanism of Relative Marginal Costs 48
Transport Cost 50
Changes in Total Output and Demand May Transform Relative Mar-
ginal Costs 		54
Destabilizers: I. The Random Element in Finding Costs 59
The Middle East as a Huge Random Disturbance 63
Dembilizers: II. The Inventory Aspect of Petroleum Production Costs 65
Reserves as Types of Inventories 65
Types of "Proved," "Published," and "Probable Reserves 66
Finding Costs Reconsidered 67
Replacement Cost and Price 68
Inventory as Stabilizer: Development as Strategic 69
Inventory as Destabilizer 70

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Publication Information: Book Title: Natural Resources and International Development. Contributors: Marion Clawson - editor. Publisher: The Johns Hopkins Press. Place of Publication: Baltimore, MD. Publication Year: 1964. Page Number: v.
    
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