Agricultural research, productivity, and food prices in the long run

A reinvestment in agricultural R&D is critical to ensuring sufficient food for the world in the coming decades. In a recent update of earlier estimates (1), the Food and Agriculture Organization (FAO) of the United Nations reported that more than one billion people now suffer malnutrition (2). Despite declines in food prices from their 2008 highs, local prices in many developing countries are still high by recent historical standards. Long-run trends in global food commodity prices are driven by differential rates of growth in the supply and demand for food crops, feed, and livestock products.