Dr. Jim Hamilton on the State of the Economy and the Price of Oil

Dr. Reese Interviews Dr. Jim Hamilton – UC San Diego and creator of Econbrowser

July 8, 2005 Dr. Reese’s Economic Podcast via podcast.net

14 minutes 40 seconds.

Analysis of current economic conditions and policy with an emphasis on the price of oil.

The first two minutes are preamble; the interview starts with Hamilton’s professional background, then goes to explain how econbrowser got started.

Hamilton asserts that the U.S. economy continues its recovery, but he has several concerns, including: oil markets, rising interest rates and the trade deficit, which could cut the recovery short. So far, however, he does not see them as an immediate problem.

Next comes a brief discussion of the effects of the Iraq War and the War on Terrorism more generally on budget deficits.

The majority of the interview examines the increase in the price of oil: the short run vs. long run price elasticity of demand for oil, and private vs. social costs of consuming oil.

Pretty straightforward commentary; little that any economist wouldn’t know already, but students might find it useful.

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