James D. Hamilton, Professor of Economics at the University of California, San Diego, posted an interesting piece on the Econbrowser blog, on how the 2007-08 oil price shocks contributed to, if not caused, the current recession.
It is nice to see an economist focus on realistic initial causes and contributing factors to the current economic problems. Many other economists are too focused on blaming the financial industry and inflated house prices. The latter economists have to resort to undefinable and indefinite causes such as animal spirits.
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