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ECONOMICS OF FOOD

ECONOMICS OF FOOD. Economics of Food. In the 19 th century Thomas Robert Malthus predicted that the world’s population growth would outpace the growth of the food supply.

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ECONOMICS OF FOOD

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  1. ECONOMICS OF FOOD

  2. Economics of Food • In the 19th century Thomas Robert Malthus predicted that the world’s population growth would outpace the growth of the food supply. • This clash between growth in the population and growth in the food supply would mean the world would eventually run out of food.

  3. Economics of Food • Malthus did not foresee that new technologies in the late 19th century and throughout the 20th century would substantially increase productivity in agriculture.

  4. Economics of Food • Farmers worldwide and particularly in the U.S. learned to use new fertilizers, petrochemical-based herbicides and insecticides, and genetically improved plants (particularly wheat, corn and rice).

  5. Economics of Food • Crop yields soared, and by the 1950s persistent surpluses and low prices were becoming a problem. • According to the U.S. Department of Agriculture, wheat yields in the United States rose from roughly 26 bushels per acre in 1965 to roughly 43 bushels per acre in 1998 and then to roughly 45 bushels per acre in 2008.

  6. Economics of Food • During the same period, corn yields rose from about 74 bushels per acre to about 134 bushels per acre and then to 154 bushels per acre. • Between higher crop yields and government subsidies, food prices in the U.S. fell.

  7. Economics of Food • The percentage of income that Americans spend on food dropped from 18% in 1966 to below 10% today according to the USDA. • Because the cost of food represents a small proportion of the average American’s income, this has created an obesity problem of enormous magnitude.

  8. Economics of Food • McDonald’s can sell you a Big Mac, fries and a Coke for around $5, a bargain given that the meal contains nearly 1200 calories, more than half the daily recommended requirements for adults.

  9. Economics of Food • A study in the American Journal of Clinical Nutrition found that $1 can buy: • 1,200 calories of potato chips • 875 calories of soda • 250 calories of vegetables • 170 calories of fresh fruits

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