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The energy crisis revisited

web.mit.edu · 1,130 words · saved by 1 readers

In today’s New York Times column about oil I criticized the economics profession’s remarkable lack of interest in trying to understand the energy crisis – an event long past, to be sure, but a terrifically important event at the time, and possibly a model for crises future. In this note I want to enlarge briefly on some of the points I raised.

The energy crisis revisited THE ENERGY CRISIS REVISITED In today�s New York Times column about oil I criticized the economics profession�s remarkable lack of interest in trying to understand the energy crisis � an event long past, to be sure, but a terrifically important event at the time, and possibly a model for crises future. In this note I want to enlarge briefly on some of the points I raised. The mystery of the crisis My guess is that if you asked a random economist about what happened in the 70s, he would answer that it is a story about the rise and fall of a cartel. But even at the tim

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