Recently a Russian was caught at the border trying to smuggle in 200 pounds of not cocaine, not heroin, but butter into Norway. The stash is worth in excess of five thousand dollars
In a bizarre example of external factors affecting consumer demand, Norwegians have eaten up the entire butter supply in the country. Norway doesn’t belong to the EU and so has high import duties. Butter is currently retailing at USD 52 per kilo.
It was all apparently a result of a fad diet that has Norwegians everywhere substituting fat for carbs.
A Norwegian company also has a butter monopoly right now, pissing off a lot of fat loving Norwegians. This Reuters report says that the Danes across the border are loving it, and laughing about it over their richly buttered breakfast toast.
i’d like to know more about this fad diet. Meanwhile, economic textbooks finally have yet another implausibly interesting example to illustrate market behavior. Thanks Janith for the heads up on this!