First there was the Great Necco Wafer Panic of 2018 and now we have a Valentine’s Day candy shortage of the conversation hearts that are a national favorite.
The perverse incentives created by Venezuelan price controls result in shortages, underutilized resources, wasted time, soaring inflation and hoarding.
At the official exchange rate, Venezuelans pay 5 cents a gallon for premium gasoline while the real price is closer to one half penny a gallon. The dark purple country at the northern tip of South America (below), Venezuela has the…
econlife®
Connecting economics with everyday life.
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