challenges presented by changes in the balance in availabilities of factors of production, especially energy, and our need to adapt to them. Roy Thomas contributes a paper on Income, Employment and Inflation, a notably lucid statement of the main theoretical positions of Keynesians and Monetarists. Cadwaladr Lewis's paper, the fruit of many years in industry, explores the implications of the conjuncture and other matters for company planning. Ken Richards's paper is devoted to the startling growths in public expenditure in relation to National Income, and the damage in prospect for the economy which is likely to result from the continuation of these trends. W. Arthur Thomas contributes a paper on 'Economics-the Disappointing Science', which consists mainly of interesting comments on some of the distinctions and peculiarities of Keynesian and monetarist doctrines. Finally, Iwan Brooks Jones contributes a factual survey of the growing tide of caravan and other cheap holidays in Wales, their implications and lessons. Altogether, this is a most interesting and enterprising collection with which the Economics and Social Studies Section of the Guild of Graduates can be justly pleased.]