Students and alumni alike met Tuesday evening at the Gerdin Business Building to hear Alan Barkema discuss American agriculture, the global economy, and how the Federal Reserve affects both.

Barkema is Iowa State alum, and also attended Cornell University. He served as head of the Agricultural Economics Department at Oklahoma State University before serving as senior vice president of the Federal Reserve Bank of Kansas City. He is now retired.

Barkema offered a host of questions for aspiring agricultural students to ponder, such as: How will agriculture feed growing populations? How will agriculture balance profitable business practices and environmental sustainability?

He proposed these questions as thinking points for potential agricultural innovation. Barkema then commented on the US’s slow but upward progression since the Great Recession, and how foreign Central Banks are following the Federal Reserve’s lead.

“It is the US economy leading the global recovery,” Barkema said. He also told the audience how the booming economies of smaller nations are greatly contributing to the increasing health of the global economy.

Keeping up with increasing food demand is not a new problem for the agriculture industry. However, the demand for food across the world is predicted to increase anywhere from 50 to 70 percent, according to Barkema.

“Nobody really knows for certain what lies ahead,” Barkema said. “Agriculture has a long history of ups and downs and the road ahead is full of challenges.” With that being said, Barkema is confident American agriculture will persevere.

Barkema reminded the attendees of how much the agriculture industry has already endured, likening present trends to the those of the 1970s and 80s Farm Crisis. The 70s saw tremendous growth in farm businesses, but high inflation resulted in sharp economic decline during the 80s.

There are differences between present conditions and those proceeding the 80s Farm Crisis; Barkema noted today’s modest inflation levels and insisted the times ahead may be hard, but nothing the US can’t handle in stride.

“We’re not looking at a calamitous drop as we saw in the 1980s,” Barkema assured audience members, “the situation now is much different.”

Barkema also discussed economical trends in China, describing the nation as a “heavyweight among emerging markets.” He pointed out how significant a role China’s rising population plays in food demand and the global trade market.

At the end of his lecture, Barkema extended some comforting advice to potential agriculture innovators, saying we should try to ask ourselves the best questions we can muster.

 “A good question or two has a way of focusing the mind on an issue in a way that leads to a logical conclusion,” Barkema said. “I strongly encourage you [students]… to let your questions be your guide.”