CARPE DIEM
Professor Mark J. Perry's Blog for Economics and Finance
Tuesday, May 04, 2010
About Me
- Name: Mark J. Perry
- Location: Washington, D.C., United States
Dr. Mark J. Perry is a professor of economics and finance in the School of Management at the Flint campus of the University of Michigan. Perry holds two graduate degrees in economics (M.A. and Ph.D.) from George Mason University near Washington, D.C. In addition, he holds an MBA degree in finance from the Curtis L. Carlson School of Management at the University of Minnesota. In addition to a faculty appointment at the University of Michigan-Flint, Perry is also a visiting scholar at The American Enterprise Institute in Washington, D.C.
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11 Comments:
You cannot get lost on this one!
Venezuela should have at least two major areas of comparative advantage: coffee and oil. And now they are importing coffee and suffer from power shortages. Ah, the "compassion" of socialism.
The champions of socialism call themselves progressives, but they recommend a system which is characterized by rigid observance of routine and by a resistance to every kind of improvement. They call themselves liberals, but they are intent upon abolishing liberty. They call themselves democrats, but they yearn for dictatorship. They call themselves revolutionaries, but they want to make the government omnipotent. They promise the blessings of the Garden of Eden, but they plan to transform the world into a gigantic post office. - Ludwig von Mises, 1944
H/T Maggies Farm
The solution to the Hugo Chavez price problem is to have your wine steward recommend coffee "flavored" wine. Will Starbucks offer a tall pinot noir with a coffee bean taste infusion? Fighting socialism one coffee bean at a time.
$1 a gallon wine?
I find you get the best deals on large bottles with screw tops.
Wine for a dollar a gallon? Gee, that's what I usually get.
And even if you could get coffee in Venezuela you'd be hard pressed to find any milk to put into your cafe con leche.
Maybe we could make auto fuel out of wine...
Jason, see the line "...forced French producers to turn wines into ethanol .."
Venezuela seems to be a small producer of coffee, so its shortage may not have great impact:
http://coffee.wikia.com/wiki/Coffee_production_by_country_in_2006
"Venezuela seems to be a small producer of coffee, so its shortage may not have great impact."
Japan doesn't produce much oil but it doesn't have a shortage. Venezuela proves (again) that price controls do not work.
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