Summary: For centuries, people feared that population growth would outstrip food supply, leading to famine and collapse. Yet wheat tells a different story: production has soared, yields have multiplied, and the cost in human effort has plummeted. Despite wars, droughts, and disruptions, innovation and open markets have made wheat more abundant than ever.
The Reverend Thomas Malthus (1766–1834) got it backwards. In his 1798 Essay on Population he warned that “the power of population is indefinitely greater than the power in the earth to produce subsistence for man. Population, when unchecked, increases in a geometrical ratio. Subsistence increases only in an arithmetical ratio.”
Malthus even added, with no small dose of condescension, that “a slight acquaintance with numbers will shew the immensity of the first power in comparison of the second.”
When Malthus published his essay, the world’s population hovered around 1 billion. By 1960 it had reached 3 billion. Today it stands at roughly 8.2 billion. And yet, instead of mass starvation, food production has outpaced population growth. Consider wheat.
According to the US Department of Agriculture, since 1960 wheat production has surged by 250 percent, while the world’s population grew by only 171 percent. For every 1 percent increase in population, wheat production rose by 1.46 percent. Even more remarkable, this bounty came from just 9 percent more arable land. Wheat yields—the amount harvested per acre—have soared by 271 percent.
But what about the time price? Glad you asked. Since 1960, the time price of wheat has fallen by 85.7 percent.
Put differently, the time it took to earn the money to buy a single bushel of wheat now buys almost seven bushels.
Yes, there have been moments when wheat prices spiked—due to droughts, wars, and politics. Yet with fewer conflicts, relentless innovation, and open markets, wheat has only grown more abundant. If Reverend Malthus could see our world today, I suspect he’d be relieved—and perhaps even delighted—that human ingenuity proved him to be so spectacularly wrong.
Find more of Gale’s work at his Substack, Gale Winds.