Abstract
The dramatic increases in world petroleum prices in the 1970s have been recognized as stimulating significant adverse economic consequences. Several simple partial equilibrium models have been constructed to analyse a portion of the expected consequences and some complex large-scale general equilibrium models have attempted the complete analysis. A simple and small general equilibrium model is developed and presented here that allows one to simply investigate and explain the effects of higher energy prices. The model is calibrated to the US experience over 1973–1979.
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