Apologies, I saw it at the time but failed to follow. IIUC you're saying that subsidies will tend to ratchet in only the one direction. To be clear I don't obj

Apologies, I saw it at the time but failed to follow. IIUC you're saying that subsidies will tend to ratchet in only the one direction. To be clear I don't object at all to the idea of optimizing how subsidies are determined. I just don't think that subsidies and the resultant overproduction are a bad thing in general. I'm all for efficiency in the general case but I think a fair amount of paranoia is called for regarding long tail scenarios that lead to famine.