UtilityMinimization

The April 19th, edition of the Economist magazine gravely warns of an imminent worldwide food crisis. They warn of price increases of 20 percent for such staples as rice, grain, and rice. In some of the world’s poorest countries, Bangladesh and Malawi, for example, prices for everyday meals may even double.

Without a doubt, bad government is partially to blame for the price increases. When oppressive and unaccountable governments prevent markets from operating by stealing from their citizens, cheap food cannot be the norm. Indeed, Nobel Prize winning economist Amartya Sen has famously declared that famines do not occur in democracies.

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