Volatile food prices create problems for consumers and farmers the world over. Buffer stocks offer a way out. A buffer stock is a quantity of grain owned by the government which sets a price band via a maximum price and a minimum price for grain. By buying and selling grain from the buffer stock on the open market, the government can keep the domestic price within its desired price band and thus avoid unstable prices. A buffer stock does not require the government to forecast the future price of grain and is entirely compatible with a market economy; the government is effectively exploiting the forces of supply and demand to influence the market price. A buffer stock is also compatible with free international trade. In using a buffer stock to stabilise its domestic price of grain, a government helps to stabilise the world price. In contrast, a government which resorts to trade measures to stabilise its domestic price can cause the world price to become less stable. In this article it is argued that all countries – rich and poor alike – would do their consumers, their farmers and the world as a whole a favour if they were to set up buffer stocks.

中文翻译：

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是时候恢复缓冲库存了吗？

波动的食品价格给全世界的消费者和农民带来了麻烦。缓冲库存提供了出路。缓冲库存是政府拥有的谷物数量，它通过谷物的最高价格和最低价格设定价格范围。通过在公开市场上从缓冲库存中买卖谷物，政府可以将国内价格保持在期望的价格范围内，从而避免价格不稳定。缓冲库存不需要政府预测谷物的未来价格，并且完全与市场经济相适应。政府正在有效地利用供求关系来影响市场价格。缓冲库存还与自由国际贸易兼容。政府通过使用缓冲库存来稳定其国内谷物价格，从而帮助稳定了世界价格。相比之下，采取贸易措施稳定其国内价格的政府可能会导致世界价格变得不稳定。本文认为，所有国​​家（无论富国还是穷国）如果要建立缓冲存量，都会对他们的消费者，农民和整个世界有利。