Tyler Goodspeed argues recessions result from sudden shocks, not economic cycles or greed
Updated
Updated · Quillette · Apr 24
Tyler Goodspeed argues recessions result from sudden shocks, not economic cycles or greed
4 articles · Updated · Quillette · Apr 24
Goodspeed, Exxon Mobil chief economist and former CEA chair, highlights energy shocks, wars, and natural disasters as primary recession drivers, citing historical events and the current US–Israel conflict with Iran.
He criticizes moralistic explanations and cyclical theories, emphasizing that disruptions like the Strait of Hormuz blockade and rising energy costs threaten a global recession, already costing Americans $400 monthly.
Goodspeed urges policymakers to hedge and diversify risk, noting that misguided green policies and energy supply constraints amplify recession risks, especially in Europe and Asia, while long-term solutions remain limited.
Is America's energy independence enough to shield it from a global recession?
Are traditional economic fixes useless against recessions caused by external shocks?
Can Europe's green energy transition survive another fossil fuel crisis?
Does the fall of Rome hold the key to surviving modern economic collapse?
Was the 2008 financial crisis secretly triggered by an oil shock?
Does shifting oil reliance to new producers truly enhance global stability?