After increasing rapidly for most of the post-war period, productivity growth slowed drastically in the US, and to a lesser extent in all the other major industrialized nations after 1973. The differences in productivity growth affect the relative performance of countries in the international...

At its heart, Harry Saunders' Comment raises two principal criticisms I of the EMF study, "Macroeconomic Impacts of Energy Shocks"; The EMF study held constant the disrupted-state world oil price; effects of policy actions on the world oil price were not included. Saunders faults the EMF for not...