Gary Becker and Richard Posner debate the long term future of commodity food prices. Becker thinks that much of the price rise is due to governmental regulations and policies (such as, in the US, ethanol, which takes corn out of food production), but that if prices have some freedom, food supply should increase in response to increase in prices. Farmers can always plant more and raise more. Posner agrees that food prices will increase, but that eventually supply will catch us with demand and they new equilibriums of low prices will be established. In wealthy countries; but, he argues, that poor countries will suffer greatly.
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November 22, 2010
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global food prices increase day by day...i don't know when will it stop. why? just b/c human increase too fast. i don't know what will happen in next 100 years.
Posted by: soybean prices | January 17, 2011 at 02:33 AM