"Demand destruction"

Kurt Cobb alludes to human tolls alongside rising 'resource' prices -

"It is all too likely then that the skyrocketing prices predicted for oil, for example, of $300, $500 or even $1,000 a barrel will never materialize. Yes, many people will do without oil, or a least without as much oil as they would like. And, that means that the price of oil will not go up forever. That's because many oil consumers will simply drop out of the bidding with each successive price hike. And, ultimately the dropouts will halt the upward pressure on oil prices perhaps at levels far lower than $300. The economists have a polite term for this. They call it 'demand destruction.' What they don't want you to think about is that sometimes, perhaps this time, a lot of people will be demolished in the process.

The same process, unfortunately, may be unfolding for cereal grains and perhaps other critical commodities about which we currently do not worry."

Toban Black
(http://tobanblack.net/blog/)