Arnold Kling thinks our oil production increase was trial and error

 

Look a US oil production after the 2008 crash.  Ardnold Kling this was a trial and error effort.

And every recovery involves discovering new patterns of sustainable specialization and trade, requiriing entrepreneurial trial and error.

I don't think so Arnold. The increase in oil production was almost immediate. Texas oil corporation knew from day one what we needed for sustainable. This chart is undeniable. Most of the new jobs created in the first years after the crash were fracker jobs.