Gregory Clark, in an otherwise sensible op-ed in today's LA Times (via Mark Thoma), makes this odd claim at the end:

Given that we can easily reduce consumption when costs go up, a permanent doubling of the prices of food and energy would reduce income by less than 6%. At current rates of economic growth, incomes would recover from such a shock in less than three years.
Call me crazy, but I think a permanent doubling of food and energy prices would slow our rate of economic growth pretty significantly. How long it would take incomes to recover "at current rates of economic growth" is irrelevant when the doubling of food and energy prices would lower the rate of economic growth.


Kathy G. said...

Hi. I couldn't find your email on this site so I'm leaving this comment instead. My comment has nothing to do with this post, but I decided to leave it here since it's the most recent post.

I just became aware of the post that was on Megan McArdle's blog last week, about my having used your work without attribution. You're right, that's what I did. It was dishonest and wrong, and I'm very sorry about it. I've posted a public apology here:

I would have preferred if you had contacted me rather than her about this, either via email or a comment on my blog. But I was the one who fucked up, big time, so I don't really have a right to complain.

Again, I am sorry about this. I will be a lot more careful about acknowledging sources in the future. If there's anything else I can do to make amends, please let me know.

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