A "Julian Simon" Style Test of the Climate Change Adaptation Hypothesis

President Obama just gave a major speech in which he argues that climate change is causing food prices to spike.   Economists often write down models of induced innovation (see Acemoglu and Lin 2004 or my recent NBER paper).   If entrepreneurs smell profits from developing more robust and resilient foods and figuring out how to store foods and where to grow food (i.e Canada), will the price of food really spike in the medium term?  Is President Obama correct to be pessimistic about innovation in the agriculture sector?  Or are the endogenous technological change economists correct?  Ehrlich vs. Simon revisited!    I am willing  to bet BO on this one.