Technology Shocks

An increase in the price of energy could be regarded as a change in technology because it effectively renders part of the capital stock uneconomic to operate. The energy crises in 1973 and 1979 are the most obvious candidates for this interpretation.l

References

Technology Shock, Wikipedia.
Supply Shock, Wikipedia.
1973 Oil Crisis, Wikipedia.
1979 Energy Crisis, Wikipedia.
Oil Prices and the Macroeconomy, Federal Reserve Bank of Cleveland, May 2005.

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