To Gordon Rausser's paper, and to the other presentations taken as a group, the reactions I have which come closest to being substantive can be summarized in three points: (1) instability is not as thoroughly bad as the thrust of the conference implies; (2) the existence of incomplete or missing markets, per se, has no policy implications; (3) the papers at this conference have been more academic and less directly oriented to actual farm policies than might have been expected given the conference title, and this is good.