This is a follow-up to a much longer article in The Federalist. The editors wisely suggested that I omit the description of Prof. Steve Hanke’s methodology. But they offered to Continue Reading →
The situation in Venezuela just keeps getting worse. But at least one media outlet finally has the correct analysis of the problem. It’s not low oil prices. It’s socialism. Period. Continue Reading →
This story would be funny if there wasn’t so much human misery involved. Venezuela has been dealing with true shortages for several years. I’ve written about this before (including the Continue Reading →
Apparently many trucks in Venezuela are now sporting signs like this one. Rough translation: no food on board. The reason, of course, is massive food shortages caused by the government’s equally massive price controls. Food truck hijackings have become common. Ain’t socialism great? Continue Reading →
Scarce goods and services (pretty much anything with a price) must be rationed somehow. Letting the price of a good adjust takes care of the problem automatically. If the price is below equilibrium, quantity demanded will exceed quantity supplied. The price will rise until the two quantities are equal. Continue Reading →