The Economics of Food: How Feeding and Fueling the Planet Affects Food Prices
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"The Economics of Food demonstrates why policy makers have long relied on Patrick Westhoff and his FAPRI colleagues for sound, objective, comprehensive, and unbiased economic and policy analyses." —Rep. Collin Peterson, Chairman, House Committee on Agriculture"I found the treatment of the issues in this book to be well balanced and straightforward. Westhoff does a great job of clearly explaining a very complex set of interrelationships." —Michel Petit, Former President of the International Association of Agricultural Economists and Former Director of the Agriculture Department of the World Bank"Patrick Westhoff's The Economics of Food provides a thorough look at the many different contributors to the recent run-up in food prices and subsequent drop. With all of the one-sided analysis I've read over the years, this really is a breath of fresh air, providing a balanced and thorough approach to the food and fuel discussion." —Jacqui Fatka, Feedstuffs newspaper"This is a highly readable explanation of food and prices. The author answers virtually every question commonly asked about food and hunger and demonstrates how reliance on the common wisdom can lead to faulty conclusions. Anyone would be well educated by this book." —Chuck Abbott, Reuters"Patrick Westhoff has produced a readable explanation of why food costs what it does and how prices are affected by diverting crops into making motor fuel. Any journalist, policy maker, or ordinary citizen wanting to understand the food-versus-fuel debate would do well to start by reading The Economics of Food and absorbing Westhoff's analysis." —Philip Brasher, The Des Moines RegisterIn recent years, food prices have soared—and plummeted. As crops are increasingly shifted to biofuel production, will prices soar again? What are the hidden relationships between the food on your plate and the gas in your car? Will economic recovery lead directly to massive inflation in both food and energy? What do food prices have to do with world hunger?Now, one of the world’s leading experts untangles the complex global relationships between food, energy, and economics and helps readers draw their own intelligent conclusions about the future of food. Patrick Westhoff reveals what really causes large swings in food prices—and what may make them careen wildly in the future.Westhoff discusses the factors that drive food pricing: not just biofuels but also weather, income growth, exchange rates, energy prices, government policies, market speculation, and more. Next, he walks through several scenarios for the future, offering indispensable insights for consumers, commodity traders, and policymakers alike. Policies matter—more than you realizeGovernment’s surprising impact on food prices—domestic and foreign Money in your pocket, food on your plateHow changes in income and the broader economy affect food prices Speculating on speculationWhat market speculators can—and can’t—do to food prices Stuff happensPredicting the impact of the surprises you can’t predict
Introduction: What Goes Up 1Chapter 1 Biofuel Boom 9Chapter 2 Tell Me the Oil Price 35Chapter 3 Policies Matter 55Chapter 4 Rain and Grain 81Chapter 5 Money in the Pocket, Food on the Plate 97Chapter 6 Food Appreciation and Dollar Depreciation 115Chapter 7 Speculating on Speculation 129Chapter 8 Stuff Happens 143Chapter 9 A Longer View 157Appendix Food 101 181Endnotes 215Index 233
