I’m not even going to address the corruption or scandals going on within the government but whoever thought that increasing the price of rice would increase demand clearly needs to go back to school.

“In theory, the policy makes perfect sense. If you pay farmers above the market rate for paddy they will earn more, Thai rice – already known for its quality – will rise in price and in turn force up prices on world markets.”

How in the world does that make perfect sense? If you increase supply and arbitrarily raise the price without any increase in demand why would that ever be successful? Isn’t that just basic economics?

I think this is why Professor Gateman hates government intervention within the market. Because all they ever do is leave things off worse than how they were before.