Posts Tagged ‘Venezuela’

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    Venezuela’s Economic Problems

    Jul 20, 11 • 209 Views • Businesses, Demand, Supply, and Markets, Developing Economies, Economic History, International Trade and Finance, Macroeconomic Measurement, Regulation, Thinking EconomicallyNo Comments

    Venezuela has 2 basic economic problems: The law of supply: Because price and quantity move in the same direction, if price goes down, then producers provide less. This takes us to Venezuela’s 27.1% inflation rate. President Hugo Chavez responded by...

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    Venezuela’s Prices

    Nov 10, 10 • 100 Views • Businesses, Demand, Supply, and Markets, RegulationNo Comments

    You might find it interesting to ponder the implications of the sign in a Venezuelan shopping mall which I saw on Harvard’s N. Gregory Mankiw’s blog. Called Mercado Bicentenario, the store was a part of a chain that had recently been nationalized...