Artificial price controls have never worked in the long run, and never will. They do, however, create substantial distortions that often manifest in unexpected ways. Consider the curious case of McDonald's Big Mac burger and its near-absolute scarcity in Argentina. South America's second-largest economy, Argentina, has unfortunately turned into an emblematic example of how not to run a country's overarching economic policy. Facing a crushing sovereign debt load of over $400 billion, with $110 billion owed to the IMF alone, the besieged country appears to be heading toward its tenth sovereign default since gaining independence from Spain in 1816. 3/5 […]
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