A Biblical Post

Photo: David Campbell

2 Kings VII discusses an incident in which the people of Israel are besieged and food prices are skyrocketing. A military officer scoffs when “a man of God” predicts that barley will soon sell for ½ shekel and fine flour for 1 shekel (very low prices).
The officer is shortly trampled to death after the populace goes out to the Arameans’ empty camp and returns en masse with the spoils — including barley and flour — and the prices of these no-longer scarce items plummet. Disbelieving God merits death; but disbelieving the possible huge negative effects on equilibrium price of a large increase in supply of something whose demand is quite inelastic is wrong too!