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World Oil Prices and Economic Growth In the 1980s

Author

Listed:
  • Henry D. Jacoby
  • James L. Paddock

Abstract

The world oil market is a forecaster's nightmare: seldom have so many knowledgeable observers been so wrong so often. Prior to 1973, few foresaw the magnitude of the price jump that was possible under disrupted conditions, or predicted the years of relative stability that followed. The Iranian revolution brought a similar surprise. On the other hand, in the fall of 1980 came the Iran-Iraq war; again a major price shock seemed at hand. Experts are still arguing about why it did not occur.

Suggested Citation

  • Henry D. Jacoby & James L. Paddock, 1983. "World Oil Prices and Economic Growth In the 1980s," The Energy Journal, , vol. 4(2), pages 31-47, April.
    • Handle: RePEc:sae:enejou:v:4:y:1983:i:2:p:31-47
    DOI: 10.5547/ISSN0195-6574-EJ-Vol4-No2-4
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    References listed on IDEAS

    as
    1. Robert S. Pindyck, 1979. "The Structure of World Energy Demand," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262661772, April.
    2. Hammoudeh, Shawkat, 1979. "The future oil price behaviour of OPEC and Saudi Arabia : A survey of optimization models," Energy Economics, Elsevier, vol. 1(3), pages 156-166, July.
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