Agricultural yields have increased steadily in the last half century, particularly since the Green Revolution. At the same time, inflation-adjusted agricultural commodity prices have been trending downward as increases in supply outpace the growth of demand. Recent severe weather events, biofuel mandates, and a switch toward a more meat-heavy diet in emerging economies have nevertheless boosted commodity prices. Whether this is a temporary jump or the beginning of a longer-term trend is an open question. This volume examines the factors contributing to the remarkably steady increase in global yields and assesses whether yield growth can continue. This research also considers whether such growth will impose significant environmental externalities.

Previously issued in print: 2019.