Last year, Venezuela’s inflation rate exceeded 800%. For this year, the data conflicts. While the Wall Street Journal and the IMF say Venezuela is on its way to hyperinflation, Johns Hopk…
Why Safe Cracking is a Monetary Policy Tool in Libya
Related to safe cracking and printing money, the impact of cheap oil on Libya and Venezuela has been somewhat surprising.…
Venezuela’s Beer Problem
In addition to electricity, water, pharmaceuticals and supermarket items, Venezuela will soon have a beer shortage because of its foreign exchange policy.…
One Way That Economists Measure Misery
A yardstick that combines inflation and unemployment, the Misery Index is a handy way to assess economic happiness but like all statistics, it has defects.…
The (Dutch) Disease in Saudi Arabia and Venezuela
As in Venezuela and Saudi Arabia, the Dutch disease that an economy catches comes from too much dependence for revenue and jobs on one commodity like oil.…
The Strange World of Venezuelan Hyperinflation
Because of hyperinflation, Venezuela needs billions of bank notes so that businesses and consumers can pay the insane prices that rise daily.…
The First and Last Places to Celebrate the New Year
Because time zones are a human creation, the beginning of the New Year varies around the world.…
What We Can Learn from Venezuelan Inflation
Shortages, long lines, and panic buying are several ways that hyperinflation is creating chaos for local and foreign firms and consumers in Venezuela.…
The Expensive Side of (Venezuela's) Cheap Gas
Subsidies and taxes determine the price of gasoline. Whether gasoline is cheap or expensive, its price affects people’s incentives and national tradeoffs.…
Venezuela's Biggest Economic Problem
The perverse incentives created by Venezuelan price controls result in shortages, underutilized resources, wasted time, soaring inflation and hoarding.…