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This paper highlights some of the key issues related to the current debate on food losses and waste (FLW). There is increasing interest from the international community and national governments on FLW. However, there is no consensus about the definitions and measurement of FLW, the rationale for reducing them, the “optimal” level of their reduction, the likely impacts on food and nutrition security and on the environment, as well as the policies to implement for efficiently reducing FLW. With no pretention of being comprehensive, this paper: 1) outlines some facts about FLW facts and related socio-economic and environmental implications; 2) summarizes the economic rationale for food losses and waste; and 3) identifies some of the economic, social and environmental rationales of adopting appropriate policies to address them. Some concluding remarks, including suggestions for further analyses and possible policy options to reduce FLW are reported at the end of the paper.