I am asking you to assess the impact of the rise in energy prices experienced in industrialized countries today with the analogous impact of high prices in the 70s and early 80s. 50 years ago industrialized countries experienced stagflation, that is rapid inflation and considerable increases in unemployment rates after the first oil price shock hit. The same happened following the second shock in 1980. Do you think that the same symptoms will be today? In your answer you should explicitly explain the role of institutions and policy and address any similarities /differences between today and 50 years ago.

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