The oil price shocks of the 1970s demonstrated that

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The oil price shocks of the 1970s demonstrated that business-cycle fluctuations are not solely a function of discretionary government policy. The fact that there was a major supply shock with significant impacts on the economy showed that macroeconomic fluctuations can occur due to factors outside of government control. This challenged the Keynesian view that government policy could effectively stabilize the economy.

The Oil Price Shocks of the 1970s Demonstrated That