Monday, October 29, 2007

World's Great Minds Look at Ag Issues

Here's an interesting one, two of the best minds in the blogging "business" take a look at long-term agriculture issues and the Malthusian thinking that occasionally affects the ag world, Professor Gary Becker the U of Chicago Nobel Economist and Judge Richard Posner the Federal Judge, U of Chicago Law Prof and prolific author (hey didn't he win the pole at Indy in '63?) co-blog the fantastic Becker-Posner Blog. They take on the recent rise in grain prices and the likely long-term issues that the world faces with those pressures.

It is especially enjoyable for me as the discussion is one that I took part in over the course of the last decade during breakfast with a group of fellow grain traders. It's always great to see such great minds turn their prodigious brainpower on an issue and see largely the same story that you and your friends have been seeing. Like us they see some dangers but the likelihood of the world largely adjusting, with noted dislocations. They also point out that before the recent price rallies grain prices have been very inexpensive in real dollars. Thank you gentlemen.

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