I’ve been hearing concerns about famine stemming from the war in Ukraine. When thinking about how bad that situation is likely to be, the most important thing I don’t know is the price elasticity of wheat: how much more wheat do farmers plant, given some increase in price? This is the sort of thing which I expect economists have already measured pretty well. Does anyone know of a good source?
[Question] Elasticity of Wheat Supply?
I’ve been hearing concerns about famine stemming from the war in Ukraine. When thinking about how bad that situation is likely to be, the most important thing I don’t know is the price elasticity of wheat: how much more wheat do farmers plant, given some increase in price? This is the sort of thing which I expect economists have already measured pretty well. Does anyone know of a good source?