Oil Shocks, Price Controls, and War

Podcast: The Marginal Revolution Podcast (LS 44 · TOP 1% what is this?)Episode: Oil Shocks, Price Controls, and WarPub date: 2024-10-22Get Podcast Transcript →powered by Listen411 - fast audio-to-text and summarizationIn this second installment of their three-part series on the 1970s, Alex and Tyler unravel the economic and geopolitical forces behind the oil shocks that upended global global markets, triggered economic crises, and forced a dramatic reshaping of U.S. energy policy. Along the way, they debate whether the shocks ultimately led to long-term benefits like the rise of alternative energy and the fracking revolution, or if they merely prolonged economic pain. The conversation ranges from OPEC's newfound power and the Yom Kippur War's role in reshaping oil markets to broader questions about how shocks like these influence policy in the long-term. They close by reflecting on how the policy failures of the 1970s paved the way for Milton Friedman's rise to prominence, and why his ideas—born from an era of rampant inflation and misguided price controls—remain crucial for understanding today's economic challenges. Read a full transcript enhanced with helpful links, or watch on YouTube. Recorded July 17th, 2024 Other ways to connect Follow Alex on X Follow Tyler on X See Alex and Tyler's recent posts on Marginal RevolutionThe podcast and artwork embedded on this page are from Mercatus Center at George Mason University, which is the property of its owner and not affiliated with or endorsed by Listen Notes, Inc.