Friday, February 17, 2012

The Benefits of Markets

The New York Times reported that Cuba is allowing citizens to buy and sell property (real estate). While here in the US, this seems a rather mundane thing - buying and selling of property. We have TV shows where people are "flipping" houses and other TV shows where people are "hunting" for real estate. But up until late last year, this was not the case in Cuba. Now that is changing, and the economic implications of increased efficiency and gains in consumer or producer surplus will be significantly large due to this small change in Cuban government policy.

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