Pricing in Venezuela - Fair price versus the capitalist price!

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.image

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