Friday, May 13, 2016

A Post-Fact World.


Great article on Venezuela in The Atlantic. This part struck me:
A case in point is the price controls, which have expanded to apply to more and more goods: food and vital medicines, yes, but also car batteries, essential medical services, deodorant, diapers, and, of course, toilet paper. The ostensible goal was to check inflation and keep goods affordable for the poor, but anyone with a basic grasp of economics could have foreseen the consequences: When prices are set below production costs, sellers can’t afford to keep the shelves stocked. Official prices are low, but it’s a mirage: The products have disappeared.

Of course, price controls don't work for others things as well, like the ACA and minimum wage, but whatever, we live in a post fact world.


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