26 THE HIGH COST OF LIVING 



enjoying an unusual degree of prosperity, in which 

 the shortage of supply has given the whole output 

 a higher value than should prevail. Speculation is 

 unquestionably responsible for a great part of the 

 increase. And some method of pnce-fixing may be 

 necessary, even with speculation eliminated, to keep 

 down prices due to the shortage of some supplies. 



But the startling fact is that food production per 

 capita in the United States is falling. Despite all 

 of the contributions of the government, of agricul- 

 tural schools, of farm machinery, there is less food 

 produced per capita than there was sixteen yeare 

 ago. Something is the matter with agriculture in 

 America. These conditions will be discussed in 

 later chapters. 



First let us consider as to whether the alleged 

 food shortage explains the great increase in prices 

 and the extent to which the supply of food and its 

 price has been artificially controlled by the distrib- 

 uting agencies, middlemen, speculators, etc., which 

 have come into so much prominence in this field 

 during the last ten years. 



