This volume focuses on the main issues to which the Panel Study of Income Dynamics was directed--the determinants of the changing economic fortunes of black and white families. The economic status of the families studied, patterns of transition, and changes in the structure of the families and their relationship to changes in economic activity are examined. The short run relationship among attitudes, behavior patterns, and economic status is investigated. A possible policy approach to the problems of maintaining minimum living standards for all families is discussed. Specific problems faced by many families are dealt with. These include the social and economic consequences of marital disruption and other disruptive events such as unemployment, evictions, unplanned children, and illness. Child care options available to working parents and several aspects of residential mobility are looked at. Also examined is the equity at various income levels of the income tax and the recent gasoline price inflation. In addition, the risk avoidance behavior of sample families as it relates to their economic fortunes is analyzed. Summaries of related research and reports are presented. Appendices on the quality of the data, statistical method, and use of the Sentence Completion Test are included. (Author/EB)