Oh is that the problem with Venezuela's economy? Thanks for the knowledge bomb, Paul Krugman Jr
When I left Venezuela in 1973 the price of oil was 19 dollars in present day inflation adjusted dollars. Venezuela had a vibrant and expanding economy and the stores were filled with food and anything you wanted. Prices of oil rose even higher due to the arab oil embargo to about 50 dollars. At that point Venezuela was awash with revenue. Today oil is about 50 dollars using the same inflation adjusted prices.
Venezuela today is an economic basket case not due to the price of oil but because of Marxism. This happens every time with Marxism.
Krugman is a either a fool or a Marxist. I do not think he is a fool.