So what we have in the
Understanding the economy, then, is so important in fully comprehending and apprehending what is going on in the world. The problem is that even esteemed and veteran economists disagree about macroeconomics (micro being more seemingly simple). Sometimes basic economic laws that we learned in school or at university work in the opposite direction; sometimes there are hidden factors; sometimes we don’t know if things like supply-side economics actually works (has it ever been proven?); we don’t fully understand all that is going on and the complex multifaceted and multi-degreed economic system that is the world economy.
- high oil prices
- high food prices
- high inflation
They are all affecting each other and all areas of society. To oversimplify, around the world, the demand for food has outstripped the supply (supposedly). There are many economists who would actually argue against this. (opinion) Though the rate of increase of the demand for food is outpacing the rate of increase supply, I still think we have enough food to provide for the demand in the global market. The issue is one of distribution. However (continuing with the opinion from observation) it is true that demand has outstripped supply in submarkets of the global market or in regions. This is true. And so in places like South America to
Some believe we should adopt policies like