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Bangladesh

Prices rise to absorb increases in income - Article by John Kosy

Here is a story that explains this concept. Thanks to our contributor, Matthew Mitchell, for alerting us to this brilliantly simple analysis of our current problem, originally published as a comment here. It is a skilled, yet easy to understand, critique of economic theory that underpins todays political policy and the similar adverse impact of globalisation on places as far away from each other as Bangladesh and Australia.

Cost of Queensland floods made worse by government policy on land-use planning and population

This year many Australians may wish they had a backyard to grow food in. Already impoverished by rising costs for rent, land and power, this year we will see food go through the roof as the impact of the floods in Queensland and Northern New South Wales carries through to the supermarkets and then to interest rates on mortgages and other loans. And, since so many of us rely on jobs in the cities originally generated by the production, transport and packaging of food from the country, unemployment will make things worse. When Australians find that their wages no longer cover the cost of food this year, perhaps more will understand why there are so many articles on this website protesting about the loss of backyard and the rise of Food Inc.

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