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What the Economy Cannot Do Without

The Same Shock, Twice, With Different Endings

Almost nothing can be replaced in a month. Almost everything can be replaced in ten years. So “critical” always means critical over some length of time.

10 min125 XP available4 challenges

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The oil price rose four times over in 1973–74, and rich countries fell into recession. By the mid-1980s, they used much less oil for the same production. What does that show?

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