Pricing in Venezuela - the fair price vs the capitalist price!
On the continuum of the mixed economy, the government continues to move the Venezuelan economy towards the planned side of things. And they are not averse to letting the population know that it is for the better either!
The picture shows the price for a certain type of oil in Mercado Bicentenario, the new name for a chain of private shops that have been nationalised by the government.
There is the “fair” price of 4.73 Bfs and then the capitalist price of 7 Bfs along with the saving of 32% that Venezuelan citizens can thank their government for!
This was originally posted in Harvard Professor Greg Mankiw’s blog - found here.