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

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  • John Toye

    (Oxford Department of International Development, University of Oxford. 3 Mansfield Road, Oxford OX1 3TB, UK)

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.

Suggested Citation

  • John Toye, 2009. "Development with dearer food: Can the invisible hand guide us?," Journal of International Development, John Wiley & Sons, Ltd., vol. 21(6), pages 757-764.
    • Handle: RePEc:wly:jintdv:v:21:y:2009:i:6:p:757-764
    DOI: 10.1002/jid.1612
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    References listed on IDEAS

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    1. Corden, W M, 1984. "Booming Sector and Dutch Disease Economics: Survey and Consolidation," Oxford Economic Papers, Oxford University Press, vol. 36(3), pages 359-380, November.
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    Cited by:

    1. Lauren Q. Sneyd, 2013. "Wild Food, Prices, Diets and Development: Sustainability and Food Security in Urban Cameroon," Sustainability, MDPI, vol. 5(11), pages 1-32, November.
    2. Bruce Tonn & Dorian Stiefel, 2012. "The Race for Evolutionary Success," Sustainability, MDPI, vol. 4(8), pages 1-19, August.
    3. Drupp, Moritz A. & Baumgärtner, Stefan & Meyer, Moritz & Quaas, Martin F. & von Wehrden, Henrik, 2020. "Between Ostrom and Nordhaus: The research landscape of sustainability economics," Ecological Economics, Elsevier, vol. 172(C).

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