Development with dearer food: Can the invisible hand guide us?

John Toye
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John Toye: Oxford Department of International Development, University of Oxford. 3 Mansfield Road, Oxford OX1 3TB, UK, Postal: Oxford Department of International Development, University of Oxford. 3 Mansfield Road, Oxford OX1 3TB, UK

Journal of International Development, 2009, vol. 21, issue 6, 757-764

Abstract: This paper argues that, notwithstanding the current global recession, the tripling of food prices in the period 2005-2008 presages a permanent increase in the average real price of food over the next 30 years. The underlying causes are likely to be rising energy prices, adverse effects of climate change on agriculture and rising food consumption in Asia. The consequences will be increased social and political turbulence of the urban poor and misguided government policies to try to mitigate this instability. Adam Smith's invisible hand indicates the shape of more constructive policies, consistent with economic development objectives. Copyright © 2009 John Wiley & Sons, Ltd.

Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:wly:jintdv:v:21:y:2009:i:6:p:757-764

DOI: 10.1002/jid.1612

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