Tim Worstall writing on food speculators finds that supply and demand work to prevent shortages.
We can see that, as a result of various bits of weather around the world, wheat is going to be in shorter supply than we had hoped some months back. If we all kept on consuming wheat as we had expected to some months back there’s a chance (a risk, a chance, not a certainty) that we’d run out before the next harvest(s) came in.
And we really would rather not face that medieval problem of the hungry time, when the barns are empty but the crop not yet ripe in the fields.
So, how would we avoid this? Well, the speculators are doing this for us. . .
Read the rest and reach the logical conclusion he does:
. . . Just point human greed at the problem and it gets solved.
There are those who disagree, I know, but what’s their solution? Bureaucrats?
Hat Tip: Quote Unquote