Re: [Pen-l] currency controls and crying capitalists (an FT article)

[Jim Devine <jdevine03@xxxxxxxxx>]

michael a. lebowitz wrote:
>     Define 'work'. Define 'long run'. Why do you think the point about
> currency controls is to 'protect a currency's value'?

I'm sorry. I missed the purpose of the Venezuelan currency controls.
What was the point of them? Usually it's to shore up the exchange rate
of a currency.

To me, "long run" does not refer to the imaginary long run of
neoclassical economics. In this context, it's the period when negative
side-effects start to outweigh the immediate benefits.
-- 
Jim Devine / "It has always been the prerogative of children and
half-wits to point out that the emperor has no clothes. But the
half-wit remains a half-wit, and the emperor remains an emperor."  --
Neil Gaiman
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