Price Theory (Socialist Venezuela Edition)

Via Reuters: “Inflation [in Venezuela] hit 82,700 percent in July as the country’s socialist economic model continues to unravel, meaning purchases of basic items such as a bar of soap or a kilo of tomatoes require piles of cash ...” (Hat tip: Alex Tabarrok, via Marginal Revolution.) Hey, but at least everyone is equal … equally poor, that is!

Screen Shot 2018-08-21 at 6.47.29 AM

A bar of soap = 3,500,000 bolivars, or the equivalent of 0.53 USD.

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