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How did the misdiagnosis of the oil shock of 1973/74 affect policy choices and economic performance?

1. Use knowledge of the oil price shocks of the 1970s to answer a & b:
(a) How did the misdiagnosis of the oil shock of 1973/74 affect policy choices and economic performance?
(b) Was the same mistake made following the 1979 oil shock? If possible provide some evidence to support your answer.

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