The Energy Crisis - What can 1973 teach us?

In this brilliant short video, the Economist looks at the impact of the war in the Ukraine on global energy markets seeking to draw parallels between this and the OPEC oil price shocks of 40 years ago.

It tries to suggest that we could learn a number of lessons - the fact that oil embargoes don't work, the implications of such supply-side shocks on global energy security, the consequence of an oil price shock for the development of alternative energy sources, and indeed this clip is very good at highlighting the similarities between the two situations.

As a follow up .....

This is such a brilliant clip - economic history, some relative straightforward material that explains the difference between nominal and real values, and genuinely interesting economic theory considering the effects of inflation in three different scenarios.

The clip shows the distributional effects of inflation in the US in the late 19th century up until the start of the 21st century in Venezuela and represents a high quality return from Marginal Revolution University - not that they've ever really been away.