This textbook is about modern agricultural economics and policy aimed at advanced degree students. Based on the lecture notes taught at the University of California, Berkeley, it presents a comprehensive perspective on agricultural policy, its evolution, challenges, and limitations. The first part of the book includes cutting-edge analytical analysis of production, technology, risk, environmental, and policy issues in agriculture. The second part of the book applies the analysis in areas of agricultural supply chain, food security, land conservation, pesticide use, and climate change.