Wednesday, March 19, 2008

Benighted policy of the Day

Ethanol subsidies. Ethanol does little to improve the environment--in fact some scientists have argued that it makes things worse. But one thing it manifestly does do is raise grain prices.

I was thinking about this because here in India, while incomes are generally rising, caloric intake among the lowest 30 percent of the income distribution in rural areas is falling. Making grains more expensive doesn't help any. So allowing Archer-Daniels-Midland to feed at the Federal trough is not only bad economic policy, it is making the World's hungriest hungrier.

1 comment:

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