Eating Three Times a Day

Abstract

Abstract In poor countries, the burgeoning middle-class population, people who eat three times a day1, is placing profound worldwide price pressure on food and natural resources. This keynote address examines the implications of the boom in middle-class population on the world economy and innovation. Where not long ago food production was aplenty and the problem was distribution, today growing middle-class demand on food production has prices of food staples such as wheat and corn, and their derivatives, inflating. This follows the trend in the growth of prices of natural resources and durable commodities emanating from economic globalization and the building of infrastructure. This keynote address examines the five prices that are in play in the global economy and a brief perspective through the supply chain window. The address also examines implications of the middle-class boom and the additional importance this places on innovation, particularly in three areas of economic structure.