Recently a friend of ours told us about the farm bill listening session he attended during the August Congressional break. He expected the bulk of the comments would focus on the problems farmers are facing as the result of nearly four years of low commodity prices. Instead, he said, the bulk of the discussion focused on three issues: decreasing regulations, increasing exports, and eliminating inheritance taxes. These three issues are a good place for us to start as we embark on a series of columns laying out our analysis of farm policy instruments that will help farmers weather extended periods of low prices and stay out of the way when prices are above the cost of production. From our perspective, these issues pale in comparison to the issue of low farm prices. Estate taxes affect fewer than 50 small farm families each year while low prices affect every crop farmer. In the 1998-2001 period, below-the-cost-of-production crop prices did not increase US exports, they hurt farmers in the US and around the world. And, while farmers grumble about environmental regulations, it is doubtful that they would want to trade their regulation regime for the environmental regulations imposed on off-farm businesses and municipal governments.