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.