• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

'We didn’t see this coming': Wall Street eats its forecasts as stocks sell off globally on fear of AI bubble ahead of SpaceX IPO

2

Gen Zers are arriving at college unable to even read a sentence—professors warn it could lead to a generation of anxious and lonely graduates

3

Trump, who has repeatedly called climate change fake, is now threatening Brazil with tariffs over the deforestation of the Amazon

1

'We didn’t see this coming': Wall Street eats its forecasts as stocks sell off globally on fear of AI bubble ahead of SpaceX IPO

2

Gen Zers are arriving at college unable to even read a sentence—professors warn it could lead to a generation of anxious and lonely graduates

3

Trump, who has repeatedly called climate change fake, is now threatening Brazil with tariffs over the deforestation of the Amazon
Commentarythanksgiving

What Thanksgiving Can Teach Us About the Economy

By
Vikram Mansharamani
Vikram Mansharamani
and
Bethany Cianciolo
Bethany Cianciolo
Down Arrow Button Icon
By
Vikram Mansharamani
Vikram Mansharamani
and
Bethany Cianciolo
Bethany Cianciolo
Down Arrow Button Icon
November 25, 2015, 9:53 AM ET

Can you imagine a Christmas ham on your Thanksgiving dinner table in place of the traditional turkey? My guess is you can’t, but it’s a scenario many economists have been worrying about for months.

Many commentators feared that ordinary Americans would be driven to this holiday mix-up by that wonderful tool that helps allocate scarce resources—prices. Thankfully, the price disruption isn’t as bad as was predicted.

The concerns came from a massive outbreak of avian flu this summer. The disease ravaged states that are crucial to the production of our beloved holiday birds, leading to the loss of over 7.5 million turkeys. The outbreak has cost turkey farmers around $500 million, stoking concerns that turkey prices would rise dramatically.

At the same time, pork production is approaching an all-time high. But a strong greenback has been dampening international demand for American pigs, driving ham to its lowest seasonal price in six years. This led some onlookers to wonder whether price-conscious families might substitute ham for turkey this year at the Thanksgiving table. Should President Obama pardon a pig this week instead of following tradition?

Thankfully, the effect on turkey prices wasn’t nearly so dramatic. The U.S. produces 228 million turkeys each year, and the sick birds represented around 3% of the total. And many of the Thanksgiving birds had already been frozen before the disease took hold. In fact, while fresh turkey prices are up about 10 cents per pound, frozen turkey prices are actually slightly cheaper this year.

Frankly, it’s the side dishes that you should worry about. They are poised to hurt your pocketbook more than turkey. Prices for sweet potatoes are up 28% this year and regular potatoes are up 8%, while eggs will cost you a dollar extra. And while dessert might add a bit to your waistline, it has the potential to leave your wallet lighter. In one extreme case, a two-pack of a sold-out Walmart sweet potato pie is for sale on eBay for $12,000 after a video review of it went viral. Walmart had been selling the pie for under $4.

Analysts estimate this year’s meal will cost an average of 6% more than last year’s.

Prices fluctuate from year to year, and we can’t plan for random events like a flu outbreak. But stepping back and looking at a longer time horizon can help us prepare for the future. For instance, it seems virtually certain that the global middle class is going to be larger 15 years from now than it is today. And this expanded universe of consumers will drive a massive increase in demand for food—some experts predict a 35% increase in demand for food by 2030.

This rise will be particularly pronounced for protein. When people get more money, they tend to consume more meat. This increase in demand will ripple through the entire meat value chain, from the grain fed to animals to fertilizers used to support grain yields. These structural forces may lead to a steady rise in your Thanksgiving meal bill for years to come, independent of random yearly events.

Of course, a variety of factors could counteract this trend. For example, we could see a dramatic downshift in demand for protein due to health concerns. Just think about the World Health Organization’s recent warning about a link between processed meats and cancer. We could also see a massive increase in food production efficiency thanks to the adoption of alternative protein sources or genetic modification of ones that are already popular. Scaling back food-for-fuel policies might increase supply while increasing affordability. We should watch these developments closely.

Even the Thanksgiving dinner table is a vivid reminder of the complexity and uncertainty surrounding every aspect of the modern world. As the outlook for protein suggests, a booming middle class may soon be gobbling up turkeys and hams alike. So this year, as always, let’s be thankful that we can take a day to sit with family and enjoy a meal together—and remember those who can’t.

Vikram Mansharamani is a Lecturer at Yale University in the Program on Ethics, Politics, & Economics. He is the author of BOOMBUSTOLOGY: Spotting Financial Bubbles Before They Burst (Wiley, 2011). Visit his website for more information or to subscribe to his mailing list. He can also be followed on Twitter or by liking his page on Facebook.

This piece was originally published on mansharamani.com.

About the Authors
By Vikram Mansharamani
See full bioRight Arrow Button Icon
By Bethany Cianciolo
See full bioRight Arrow Button Icon

Latest in Commentary

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Commentary

250
Commentary250 Years of Innovation
America turns 250. Its greatest innovation was never a product — it was a system that let anyone build one
By Keith KrachJune 7, 2026
2 days ago
retirement
CommentaryRetirement
Retiring at 62 costs the average American $250,000. Here’s the math (and the neuroscience) that explain why
By Jon SabesJune 7, 2026
2 days ago
da
CommentaryIPOs
The short seller’s argument nobody on the coming mega IPO roadshow wants you to make
By Bhaskar ChakravortiJune 7, 2026
2 days ago
bs
CommentaryCalifornia
I’ve sold property on California’s Central Coast for decades. The buyers chasing ranch and winery estates are after more than a lifestyle
By Lindsey HarnJune 6, 2026
3 days ago
home
CommentaryHousing
One in five homebuyers is a single woman – here’s what’s driving the shift
By Kathy CollinsJune 6, 2026
3 days ago
sa
CommentaryIPOs
When good money goes bad: the question SpaceX and OpenAI investors aren’t asking
By Rory McDonaldJune 6, 2026
3 days ago

Most Popular

'We didn’t see this coming': Wall Street eats its forecasts as stocks sell off globally on fear of AI bubble ahead of SpaceX IPO
Economy
'We didn’t see this coming': Wall Street eats its forecasts as stocks sell off globally on fear of AI bubble ahead of SpaceX IPO
By Jim EdwardsJune 8, 2026
1 day ago
Gen Zers are arriving at college unable to even read a sentence—professors warn it could lead to a generation of anxious and lonely graduates
Success
Gen Zers are arriving at college unable to even read a sentence—professors warn it could lead to a generation of anxious and lonely graduates
By Preston ForeJune 7, 2026
2 days ago
Trump, who has repeatedly called climate change fake, is now threatening Brazil with tariffs over the deforestation of the Amazon
Environment
Trump, who has repeatedly called climate change fake, is now threatening Brazil with tariffs over the deforestation of the Amazon
By Sasha RogelbergJune 8, 2026
14 hours ago
Current price of oil as of June 8, 2026
Personal Finance
Current price of oil as of June 8, 2026
By Joseph HostetlerJune 8, 2026
21 hours ago
'The golden years are not golden': Boomers are hoarding most of America's wealth and power because they're terrified of outliving their money
Economy
'The golden years are not golden': Boomers are hoarding most of America's wealth and power because they're terrified of outliving their money
By Nick LichtenbergJune 7, 2026
2 days ago
Current price of silver as of Monday, June 8, 2026
Personal Finance
Current price of silver as of Monday, June 8, 2026
By Joseph HostetlerJune 8, 2026
21 hours ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.