THE FOUR PRINCIPAL ARTICLES and two reports in this issue of Brookings
Papers on Economic Activity were presented at the fourteenth
conference of the Brookings Panel on Economic Activity held in Washington
on September 12-13, 1974. Of the six papers, two deal with
wage inflation, two with unemployment, and two with petroleum supplies.
Unemployment and wage inflation are standard fare for macroeconomists
and have been the subjects of many papers in previous issues
of this journal. On the other hand, the energy cnsis is a new concern of
macroeconomics, which was analyzed in this publication initially by
William Nordhaus in his article, "The Allocation of Energy Resources,"