A reader called HDT writes to say:
I live in Mexico and have often wondered why more American economists and students of economics don’t often venture down here because the country offers what seems, to me at least, a treasure trove of economic oddities that should fascinate anyone interested in how markets work.
* As Mexico is heading toward what’s likely to be the second most important election in its history, the subject of vote-buying is of particular interest if for no other reason than that it’s practiced fairly openly, especially in rural areas. I know that during the last elections, here in Yucatan, votes were being bought, in cash, for around $80. (Pigs and cows were also exchanged for votes, but I wasn’t ever able to find out what the “going rate” was for those particular transactions.) There are, of course, people employed by the major political parties who specialize in determining what votes are worth throughout the country. I imagine they’re easier to find, and talk to, than you might expect.
* There’s also the rather intriguing issue of how Mexican real estate agents determine a reasonable price for any given property they’re hoping to sell. The problem is that it’s customary to decrease the tax burden on the sale of a home by getting the buyer to lie about how much he paid. In other words, the sales prices stated in government records are almost never accurate. Everyone knows this. And yet, properties regularly change hands and real estate agents do manage to make a living. But how?