In This Review
Higher Oil Prices and the World Economy: The Adjustment Problem

Higher Oil Prices and the World Economy: The Adjustment Problem

Edited by Edward R. Fried and Charles L. Schultze

Brookings Institution, 1975, 284 pp.

The most thorough study yet published of the impact of oil prices on the consuming countries and the international financial system comes to the conclusion that in the long run $10 oil "poses no significant threat" to growth or living standards provided the right policies are followed, preferably by the consuming countries acting together.