Why did the Argentine government try to artificially lower the price of the Big Mac? Detailed answer

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Why did the Argentine government try to artificially lower the price of the Big Mac? Detailed answer

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Why did the Argentine government try to artificially lower the price of the Big Mac?

There is an unofficial way to determine purchasing power parity - the Big Mac index. By comparing the cost of this sandwich at McDonald's restaurants in different countries, you can calculate the exchange rate of the currencies of these countries and determine which one is undervalued. Big Mac is taken as a standard because anywhere in the world it is prepared according to standard technology from the most uniform components. The index has become so popular that it is being manipulated: in 2011, economists noticed that the Big Mac in Argentina was suspiciously cheap compared to other McDonald's menu items, and claimed that the government was administratively adjusting its price in order to improve its image country and lowering the perceived rate of inflation. Shortly after the publication, the price of Argentinean Big Macs rose sharply and came in line with the prices of other sandwiches.

Authors: Jimmy Wales, Larry Sanger

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