Category: Economics

Will Socialism be able to save Venezuela as Bernie Sanders felt it could save America?

hugo_chavez_in_guatemala

I answered this question on Quora. My answer was “No.” But it was a very detailed no. Here’s an excerpt:

Chavez was a true, dyed-in-the-wool socialist. He passed many reforms that would have crippled another nation. For instance, he made it illegal for private employers to fire anyone. Hiring an employee in Venezuela means paying that person a living wage until he quits or retires, regardless of whether he does any work or not. Imagine trying to run a business under that constraint! Chavez expanded state control of the economy in the name of socialism, but the country didn’t fall into chaos. As late as 2013, David Sirota was declaring it an “economic miracle.” This might seem like a win for socialist economics, but the truth is more dull than that.

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The post Will Socialism be able to save Venezuela as Bernie Sanders felt it could save America? appeared first on The Economics Detective.

Will Socialism be able to save Venezuela as Bernie Sanders felt it could save America?

I answered this question on Quora. My answer was “No.” But it was a very detailed no. Here’s an excerpt:

Chavez was a true, dyed-in-the-wool socialist. He passed many reforms that would have crippled another nation. For instance, he made it illegal for private employers to fire anyone. Hiring an employee in Venezuela means paying that person a living wage until he quits or retires, regardless of whether he does any work or not. Imagine trying to run a business under that constraint! Chavez expanded state control of the economy in the name of socialism, but the country didn’t fall into chaos. As late as 2013, David Sirota was declaring it an “economic miracle.” This might seem like a win for socialist economics, but the truth is more dull than that.

(more…)

The post Will Socialism be able to save Venezuela as Bernie Sanders felt it could save America? appeared first on The Economics Detective.

The Costs of Ethnic Diversity with Garett Jones

Diversity

Garett Jones returns to the podcast to discuss the issue of ethnic diversity. There is a wide body of research showing that ethnic diversity can reduce the productivity of teams, firms, and even whole countries.

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The post The Costs of Ethnic Diversity with Garett Jones appeared first on The Economics Detective.