Genetically Modified Foods Economics Literature Review Chapter

Genetically Modified Foods - Economics

Genetically Modified Foods

Genetically modified (GM) foods are changing how people in developed countries eat. There are also many economic questions surrounding them. According to Anderson (1998), society is moving toward a genetically modified world. The food the world eats, from meat to grains, fruits, and vegetables, is all going to eventually become GM food. This food can be made to be resistant to all kinds of pests and predators, which can mean less waste (Anderson, 1998). That saves a lot of money for farmers and growers, but the health concerns of GM food should not be ignored (Anderson, 1998). This particular study will provide significant insight when it comes to the true economic cost of GM food as well as the considerable human cost that also has to be considered. Often, only the economics are addressed, or only the human cost (health and safety) is addressed. While these are both important, they have to be combined to understand the true risks and benefits of GM food.

Border and Norton (1998) focused on the risks and benefits of genetically modified foods, along with the public acceptance and regulation of them. These are significant issues to consider, since they all work in tandem when it comes to whether genetically modified foods will be accepted and used or whether they will be avoided by the majority of consumers.When consumers avoid them, they will not sell and the growers of them will not make money (Border & Norton, 1998). That can harm the economics of the entire industry, because it counts on people purchasing genetically modified foods in large quantities. If that does not happen, the industry will not have enough money coming in to be sustainable. The entire industry could collapse, which would be devastating because a great deal of the food that will be grown in the future will be GM food (Border & Norton, 1998). This is important to consider and address, because changes have to be made to the food supply in order for it to be realistically sustainable well into the future as the population keeps growing.

Murnaghan (2012a) addressed the true economic impact of genetically modified foods, and also explored the corporate power that genetically modified foods brought out (Murnaghan, 2012b). Both of these issues are vital to explore, and they often have to be addressed together. Because genetically modified foods….....