The increased food prices are calamitous for very poor countries, and for poor people in other countries (in the absence of subsidy, such as the U.S. food-stamp program), but the world as a whole can take them in stride because they are self-correcting. High prices reduce demand and thus move output down the supply curve, resulting in a new, lower-price equilibrium. High food prices might even be considered a good thing from the standpoint of overall global economic efficiency. … Of course the future is uncertain, and food prices famously volatile. Nevertheless the probability of continued increases in food prices cannot be reckoned slight.