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Economic Growth<br />

The debate over rising food prices—rather like<br />

the discussion about the Great Recession—is<br />

dominated by two kinds of arguments. For those<br />

with ascetic tastes, there is the austerity theme: We<br />

are living beyond our means, and rising food prices<br />

presage Malthusian decline. For those impatient<br />

with the jeremiads of scarcity, meanwhile, there is<br />

the promise of intervention: Ingenious technological solutions will<br />

once again raise the carrying capacity of the environment.<br />

2011–2012 25

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