Malthus (and McArdle) Lose
Brad DeLong pits Megan McArdle against Greg Clark on the odds, that food prices will cut global economic growth. DeLong backed Clark's optimism about "...the race between technological improvement and growing demand...". Still, the price of rice continues to rise.
It seems DeLong was right. Technological improvement might save the day.
As far as I can tell it hasn't hit the English-speaking media yet, but researchers in Chile announced this week (warning: links in Spanish) the discovery of a new genetically engineered variety of rice that can be cooked with 1/4 the amount of water needed for normal rice.
Here's the official University of Santiago release, reviewing the new strain of rice and also the crush of press interest since the first reports on Monday. The project was cosponsored by Chile's governmental Foundation for Agricultural Innovation, which is sponsoring a number of other projects to help increase Chile's agricultural output.
In the context of the ongoing global food crisis, the discovery won't provide more rice, even if widely adapted. But it could reduce the costs of cooking rice in terms of both water and fuel used to heat the water, giving poor consumers a partial break. In Chile alone, economists have estimated the jump in food prices could raise the poverty rate at least 2%.
This isn't the same sort of innovation as dwarf wheat, so what Gary Gardner argues, still goes: "What's needed is a new model of prosperity that meets people's needs within the boundaries set by nature. It's what we call sustainable development. Embrace it and we can bury Malthus for good. Ignore it and we'll find that Malthus was simply ahead of his time."
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