Venezuelan Central Bank makes discovery

May 4, 2003

The Venezuelan Central Bank made a very important discovery in its report on April’s inflation: Price controls don’t work! According to the Bank, despite price controls a number of items which are regulated increased in price or disappeared from the shelves.

Maybe they can publish it and win the Nobel prize in Economics, together with all of the economic authorities in Venezuela during the last forty years who imposed price controls and saw the same result. Politicians are indeed stupid, no?

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