The U.S. food system provides many benefits, not the least of which is a safe, nutritious and consistent food supply. However, the same system also creates significant environmental, public health, and other costs that generally are not recognized and not accounted for in the retail price of food. These include greenhouse gas (GHG) emissions, soil erosion, air pollution, and their environmental consequences, the transfer of antibiotic resistance from food animals to human, and other human health outcomes, including foodborne illnesses and chronic disease. Some external costs which are also known as externalities are accounted for in ways that do not involve increasing the price of food. But many are not. They are borne involuntarily by society at large. A better understanding of external costs would help decision makers at all stages of the life cycle to expand the benefits of the U.S. food system even further. The Institute of Medicine (IOM) and the National Research Council (NRC) with support from the U.S. Centers for Disease Control and Prevention (CDC) convened a public workshop on April 23-23, 2012, to explore the external costs of food, methodologies for quantifying those costs, and the limitations of the methodologies. The workshop was intended to be an information-gathering activity only. Given the complexity of the issues and the broad areas of expertise involved, workshop presentations and discussions represent only a small portion of the current knowledge and are by no means comprehensive. The focus was on the environmental and health impacts of food, using externalities as a basis for discussion and animal products as a case study. The intention was not to quantify costs or benefits, but rather to lay the groundwork for doing so. A major goal of the workshop was to identify information sources and methodologies required to recognize and estimate the costs and benefits of environmental and public health consequences associated with the U.S. food system. It was anticipated that the workshop would provide the basis for a follow-up consensus study of the subject and that a central task of the consensus study will be to develop a framework for a full-scale accounting of the environmental and public health effects for all food products of the U.S. food system. Exploring Health and Environmental Costs of Food: Workshop Summary provides the basis for a follow-up planning discussion involving members of the IOM Food and Nutrition Board and the NRC Board on Agriculture and Natural Resources and others to develop the scope and areas of expertise needed for a larger-scale, consensus study of the subject.

Inflation is regarded by the many as a menace that damages business and can only make life worse for households. Keeping it low depends critically on ensuring that firms and workers expect it to be low. So expectations of inflation are a key influence on national economic welfare. This collection pulls together a galaxy of world experts (including Roy Batchelor, Richard Curtin and Staffan Linden) on inflation expectations to debate different aspects of the issues involved. The main focus of the volume is on likely inflation developments. A number of factors have led practitioners and academic observers of monetary policy to place increasing emphasis recently on inflation expectations. One is the spread of inflation targeting, invented in New Zealand over 15 years ago, but now encompassing many important economies including Brazil, Canada, Israel and Great Britain. Even more significantly, the European Central Bank, the Bank of Japan and the United States Federal Bank are the leading members of another group of monetary institutions all considering or implementing moves in the same direction. A second is the large reduction in actual inflation that has been observed in most countries over the past decade or so. These considerations underscore the critical – and largely underrecognized - importance of inflation expectations. They emphasize the importance of the issues, and the great need for a volume that offers a clear, systematic treatment of them. This book, under the steely editorship of Peter Sinclair, should prove very important for policy makers and monetary economists alike.

Approximately 30 percent of the edible food produced in the United States is wasted and a significant portion of this waste occurs at the consumer level. Despite food's essential role as a source of nutrients and energy and its emotional and cultural importance, U.S. consumers waste an estimated average of 1 pound of food per person per day at home and in places where they buy and consume food away from home. Many factors contribute to this wasteâ€"consumers behaviors are shaped not only by individual and interpersonal factors but also by influences within the food system, such as policies, food marketing and the media. Some food waste is unavoidable, and there is substantial variation in how food waste and its impacts are defined and measured. But there is no doubt that the consequences of food waste are severe: the wasting of food is costly to consumers, depletes natural resources, and degrades the environment. In addition, at a time when the COVID-19 pandemic has severely strained the U.S. economy and sharply increased food insecurity, it is predicted that food waste will worsen in the short term because of both supply chain disruptions and the closures of food businesses that affect the way people eat and the types of food they can afford. A National Strategy to Reduce Food Waste at the Consumer Level identifies strategies for changing consumer behavior, considering interactions and feedbacks within the food system. It explores the reasons food is wasted in the United States, including the characteristics of the complex systems through which food is produced, marketed, and sold, as well as the many other interconnected influences on consumers' conscious and unconscious choices about purchasing, preparing, consuming, storing, and discarding food. This report presents a strategy for addressing the challenge of reducing food waste at the consumer level from a holistic, systems perspective.