Today some development economists have been looking at Chayanov's theory for its relevance to present-day developing countries, the thought being that it would be very useful and meaningful to reexamine it from a new perspective. However, it should be pointed out that the central issue is not the preservation of poor peasant economies along with closed rural communities in the contemporary world economic situation. Chayanov was pursuing the enrichment of human life and a complete human individuality. It needs to be remembered that the question Chayanov asked throughout his studies was, "What is true democracy?" In rethinking Chayanov in a historical perspective, we need to keep our focus on this point.
　We are going to see how Chayanov's theory has been accepted and developed in Japan since the 1920s by tracing a number of traits in Japanese theories of peasant economy. Our central concern will be to understand how Japanese students formulated their historical dynamic theories on the basis of Chayanov's idealized static model of the peasant economy in Russia. This will show the inseparable relationship between the static view and the dynamic view. To do this we will first examine two dimensions in the development of Chayanov's theory : one from the demographic differentiation theory of a family to the social differentiation theory of peasant classes, and the other from the labor-consumer balance theory in every individual family to the social evaluation theory of family labor cost.

　Conventional studies making an issue of the efficiency of accumulated capital equipment have been disregarding the producer's decision on investment expenditure.　The purpose of this paper is to explicitly incorporate dynamic optimization and thereby assess the adjustment process of capital formation of farms.　To test the impact of inflation on investment behavior, the user cost of capital including the term of capital gain (or loss) and real interest rate become significant variables.　According to an econometric analysis, an increase in machinery investment in the middle of the 1970s can be explained by an acceleration of adjustment process and a large divergency between actual and optimal capital stock.　Since 1980, however, owing to an increase in real interest rate and in user cost of capital, net investment expenditure has been cooling off.
　The other character of the dynamic model adopted in this paper makes it possible to incorporate the Marshallian framework ; that is, it takes account of the difference among the short, intermediate and long-run price, and output elasticities.　As for the price elasticity, the result of analysis supports the Le Chatelier's principle.　And it was also made clear that the larger-size farms adopt the capital-intensive technology in the long run.

　The subjects of this paper are to study the effect of “Deficiency Payment” in the milk market through the spectral density by systems analysis of the market. The results written in brief are the following :
　1. In the case of the systems analysis of the market.
　In our assuming the linearity between the quantity of demand and supply, and then assuming that p_t is “Price” and q_t is “Quantity of supply, ” the state equations of market are the following:
　Therefore, the convergence and vibration conditions of the cyclical fluctuation on the market are the following ; i. e., S' ⁴ + 4S' ³D' － 6S' ²D' ² + 4S' D' ³ + D' ⁴ < 0 in addition to │D'│ > │S'│. Provided D' =dD/dp│_{p =p *}, S' =dS/dp│_{p =p *} and E (p *, q *) is the equilibrium point of the demand and supply.　And there exists the market fitting for the political price manipulation under the relation of “│D'│ ≒ │S'│ . ”
　Next, in assuming H ₂ (ω) and H ₁ (ω) to be systems functions of supply and price systems of a market, the relation of Φ_q (ω) and Φ_i (ω), i. e. ; the output and the input power spectral densities, is the following :
　　　　　　　　　Φ_q (ω)＝ │H ₂ (ω)│ ²│H ₁(ω)│ ²Φ_i (ω).
　2. In the case of the effect of the Japanese deficiency payment.
　In order to see the effect of the Japanese deficiency payment, I selected the milk market among markets reserving the above-mentioned basic characteristics.　Then, by my measuring the power spectral densities and the cross-spectrum of the milk quantity of supply and milk price, I calculated the systems function about H ₂(ω) and H ₁(ω).
　In observing the results, the differences among the regional spectrum densities become small in comparison with those of the starting time of “Deficiency Payment, ” and then, we can see the state of the regional milk market structure becoming uniform.　Therefore, the fluctuation of milk supply grows small and the loss of the energy which is wasted in milk production is also getting small.
　Namely, according to these spectral densities, “Deficiency Payment” makes the old milk market structure a new one fitting for the price manipulation because of “│D'│ ≒ │S'│ ” and achieves the original object of its diminishing the loss of the fluctuation energy of milk supply by means of uniforming the power spectral density of milk supply all over the country.