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.@ben_moll concluded today his epic thread on gas substitution. He started arguing there would be substitution without huge drops in employment and GDP, reality came behind to show why he (and serious economists) were right
A nice summary slide deck a bit higher up on thread.
RT @ben_moll: Third, a parting thought:
There's good economics in which households & firms reduce demand and substitute as prices rise, demand curves are dow…
