Consider the following editorial that appeared in the Wall
Street Journal in the late 70’s, after a significant freeze in
Latin America destroyed a number of coffee plants:
Coffee prices, it seems, are coming down again, after hitting a
record high of $4.42 last year. As Agriculture Department
economist, who had predicted $5 a pound coffee this year, says he
“underestimated the power of the consumer movement.” Perhaps, or
maybe, as with so many economists these days, he simply forgot...