Rising Crude Prices a Barrel of Nonsense: Caroline Baum

March 1 (Bloomberg) -- There is nothing, and I mean nothing, like rising crude-oil prices to make sensible people go all wobbly in the head. Economists fail to differentiate between cause and effect. They confuse a supply shock with a shift in demand and see the outcomes as interchangeable. And they can’t see beyond the immediate negative impact on the consumer.

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