According to The Economist, “price increases in corn and soybeans are not thought likely to trigger a food crisis, as they did in 2007-08, as global rice and wheat supplies remain plentiful.” Moreover, Krugman overlooks inflation: prices have increased six-fold since 1969, so, while corn futures did set a record of about $8 per bushel in late July, the inflation-adjusted price of corn was higher throughout most of the 1970’s, reaching a whopping $16 in 1974.