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" ... It's a not unusual mistake that people make: when markets prices aren't what people would like them to be blame the market itself for what market prices are. The prices of pulses in India are not what some number of people would like the price of pulses to be in India. Thus a number of actions are being proposed. More regulation of importers for example, a reduction in the taxes charged on those comestibles and possibly a ban on the trading of chickpea futures. All of these are entirely the wrong things to be doing of course. A reduction in taxes will, momentarily, make the foods cheaper: which means more demand for them and thus a greater shortage. Regulation of importers won't make much difference either way except to increase the amount of bureaucracy they must swim through: not something that India really ever needs, more bureaucracy. And the banning of futures trading is simply ridiculous: futures do not, in the absence of hoarding, increase spot prices. And a rising futures price is something that will reduce future shortages by encouraging more production in said future. We also have solid evidence that banning futures trading increases (yes, increases) price volatility. ... "
" ... Those who know their way around a kitchen know that you don’t need very much out of the ordinary, in terms of ingredients, to keep making good, new, and wonderful comestibles. Here and there there will come an odd new ingredient request—a sprig of saffron from Valencia perhaps—or something brought in by an outsider as a suggestion—a potato from the New World for example. This only takes the process to higher level. The introduction of one new ingredient to a given list increases the total permutation of ingredients exponentially. ... "