First, the increasingly abstracted stock-flow models from Paul Krugman and Mark Thoma.
Second, a suggested account of the recent oil price rise (from the oildrum):
The economists have gradually stripped detail away from the situation (to the point of forgetting about market power and capacity constraints, for example), while the political realists are incredibly specific about motivations, accidents of history etc.
I'm with the political realists on this one. If I knew how to, I'd put £100 on the spot oil price being below $100/bll this time next year.




Recent comments
22 min 44 sec ago
8 hours 46 min ago
11 hours 3 min ago
16 hours 32 min ago
1 day 2 hours ago
1 day 5 hours ago
1 day 8 hours ago
1 day 9 hours ago
1 day 12 hours ago
1 day 15 hours ago