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For 150 years, conventional oil and gas deposits were developed by drilling vertical wells. Supported by extensive Government research conducted in the 1970's, the petroleum industry developed horizontal well drilling and massive hydraulic fracturing in the 80's. Application of the new technology to unconventional shales reversed a five-decade oil production decline. Oil production in United States has returned to its prior peak rate of about 10 million barrels per day. The return to peak oil production is supported by a high level of energy security through the creation and filling the...

Gathering together the papers presented at the Madrid Conference on Optimum Currency Areas in 1970 this volume represents one of the first complete surveys of the theory and policy implication of monetary integration. The book discusses:

• the economics of fixed exchange rates relevant to monetary relations within an integrated monetary area
• the evolution of economic doctrine and a survey of optimum currency area theory
• problems of policy co-ordination within a currency area
• relevance of the monetary-fiscal...

A sequel to Essays in Monetary Economics, this book develops the ideas on domestic and international monetary issues, with reference to specific events and crises of the 1960s and 70s. These essays are distinguished by the author's expert grasp of the analytical techniques and contemporaneous policy problems of both domestic and international monetary economics.

This volume consists of selected previously published key essays which have proved most useful for teaching advanced monetary economics. A short introduction was added which places the selection of essays and the issues they cover in the contemporaneous context of simultaneous high inflation and high unemployment. As relevant today as they were when they were first written, they enable the reader to anticipate intelligently what is likely to happen and why.

An internationally acknowledged authority on all aspects of the theory of international trade and payments, this book collects Harry Johnson's contributions to the study of international trade, including a critique of the theory of effective protection. The book discusses:

• the integration of income distribution and other aspects of the economy into the positive theory of tariffs
• the issues raised by the use of tariffs to promote economic development
• the implications of distortions of various kinds in the working of competition for tariff theory and...

The studies collected in this volume embody the results of research conducted in the mid 1950s into various theoretical problems in international economics. They fall into three groups - comparative cost theory, trade and growth and balance of payments theory. This volume consolidates the work of previous theorists and applies mathematically-based logical analysis to theoretical problems of economic policy.

Supervised by Maurice Dobb, Harry Johnson was particularly impressed by the breadth and the ideas of Joseph Schumpeter, which greatly influenced his writings in later years. Johnson made many contributions to the development of Heckscher-Ohlin theory and also helped to found the monetary approach to the balance of payments. He wrote many surveys of monetary economics that helped to clarify the issues in question.

This book deals with the effects of international trade on economic growth and money. It also re-examines Keynesian theory and analyzes economic growth in an affluent society in terms of planning, economic and social policy.

Reprinting the second edition (which included a new introduction explaining developments which had emerged since first publication) this book discusses explorations in the fundamental theory of a monetary economy, a theoretical critique of the 'Phillips Curve' approach to the theory of inflation and the theory of the term structure of interest rates in terms of the theory of forward markets pioneered by David Meiselman.

Originally published in 1967, this book examines the major problems of trade and aid policy posed for the developed countries by the UN Conference on Trade and Development in 1964. Johnson surveys the political and economic setting of the Conference; international aspects of economic development; trade policy to promote development; possible new international arrangements for trade in primary products; and the possibilities offered by international monetary reform for benefitting less developed countries. The divergence between the well-being of developed and less-developed countries...