Income poverty increased from 48% in 2014 to 82% in 2016, according to a survey conducted by Venezuela’s three most prestigious universities. The same study found that 74% of Venezuelans involuntarily lost an average of 8.6 kilos (19 pounds) in weight. The Venezuelan Health Observatory reports a ten-fold increase in in-patient mortality and a 100-fold increase in the death of newborns in hospitals in 2016.
Pointer from Tyler Cowen.
Justin Fox blames the resource curse.
Pointer from Mark Thoma. I think that Fox, like too many economists, wants to look at material factors and ignore the role of ideas. Venezuela is cursed more by socialism than by oil.