Richard Davies on Extreme Economies
EconTalk
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Economics of Incarceration in Angola
This chapter examines the intricate economy of the Louisiana State Penitentiary, formerly a slave plantation, shedding light on the low wages and harsh working conditions of its inmates. It discusses the underground economies that develop, including alternative currencies like ramen noodles and the impact of synthetic drugs on trade. The complexities of barter, transaction costs, and the unique adaptations of prisoners to navigate their economic challenges are also explored.
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