Oil Price Shocks: Why Energy Crises Keep Coming Back
Oil price shocks from 1973 to the 2026 Hormuz crisis follow a consistent pattern: inelastic demand turns small supply disruptions...
Economics in the News
Explore current economic news through the lens of economic theory analysis that connects today’s events to the concepts behind them.
The Global Tariff War of 2025–2026: How Trade Policy Changed the World Economy
The 2025–2026 tariff war raised US effective tariff rates to near-century highs, triggering higher consumer prices, trade diversion, and a...
The Strait of Hormuz: How a 40-Kilometer Chokepoint Is Holding the Global Economy Hostage
The closure of the Strait of Hormuz has triggered the largest oil supply disruption in history, with record price spikes,...