date:Nov 22, 2013
Tom Hertel, founder of the Global Trade Analysis Project and professor at Purdue University in the United States, is challenging the basic economic notion of supply and demand by stating that despite an impending food boom, prices of food will get cheaper.
As part of his research, Hertel has run an economic model that analyses food prices over the next 50 years. According to his research, the price of corn in North America in 1900 was three times what it was in the year 2000 in CPI adjusted ter