Scarcity and Growth Considering Oil and Energy: An Alternative Neo-Classical View (Symposium S. 65 illustrated edition)

Scarcity and Growth Considering Oil and Energy: An Alternative Neo-Classical View (Symposium S. 65 illustrated edition)

By: Douglas B. Reynold (author)Paperback

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Description

This volume examines theories for why and how an oil price shock and energy crisis can hit. It looks at the economics of oil exploration and explains why OPEC works the way it does, and what happened to the former Soviet Union. The author combines basic economic principles of scarcity and cost with physics, showing point by point the theory that explains why price and costs do not indicate where scarcity is. Other innovations explain contradictions in many commonly used resource economic models.

Contents

The mineral economy - how prices and costs can falsely signal decreasing scarecity; determining the power of prices to change oil discovery and production using a non-time dependant Hubbert model; oil exploration game with incomplete information - an experimental study; modelling OPEC behaviour - theories of risk aversion for oil producer decisions; world oil supply forcest and the reserve-production ratio; energy grades and economic growth; entropy subsides; the energy utilization chain - determining viable oil alternative technology; the economics of alternative energey resources; entropy and diminshing elasticity of substitution; Soviet economic decline - did an oil crisis cause the transition in the Soviet Union?.

Product Details

  • ISBN13: 9780773472341
  • Format: Paperback
  • Number Of Pages: 256
  • ID: 9780773472341
  • ISBN10: 0773472347
  • edition: illustrated edition

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