Here is an instructive comparison between economists and political realists:
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.
