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Energy Economists and Economic Liberalism

Abstract:
Energy markets in many countries have been extensively liberalised in recent years as part of the revival of market economics. However, though ,everyone may believe in markets now', there are differences of opinion about what constitutes a competitive market. The perfect competition paradigm persists and leads to demands for state regulation to counteract 'imperfections' anti failures'. Energy economists should look more sceptically than they generally do at these calls for regulation, most of which have little to do with the 'public interest': in the long run the accretion of regulation may lead back to extensive state control.

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Energy Specializations: Petroleum – Policy and Regulation; Energy and the Economy – Energy as a Productive Input; Energy and the Economy –Economic Growth and Energy Demand; Energy and the Economy – Resource Endowments and Economic Performance; Energy and the Economy – Energy Shocks and Business Cycles

JEL Codes:
E60 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General
O13 - Economic Development: Agriculture; Natural Resources; Energy; Environment; Other Primary Products
Q34 - Natural Resources and Domestic and International Conflicts
F44 - International Business Cycles

Keywords: Energy Economists, energy policy, government regulation

DOI: 10.5547/ISSN0195-6574-EJ-Vol21-No2-1


Published in Volume21, Number 2 of The Quarterly Journal of the IAEE's Energy Economics Education Foundation.