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America's Energy Choices - Presidential Address

Sam H. Schurr

Year: 1980
Volume: Volume 1
Number: Number 1
DOI: 10.5547/ISSN0195-6574-EJ-Vol1-No1-1
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Abstract:
In trying to decide on a topic for this address I found myself wavering between a talk that would review this first, eventful year in the life of our Association as opposed to a subject which would be more substantive in nature. Substance finally won out, partly be-cause of personal preference, and partly because of the advice of others. The remarkable progress of the Association is something we are all proud of, but I believe that it has been-and will continue to be-well documented in many ways familiar to all of us. The forth-coming appearance in the near future of the Association's own professional journal will be a signal event in the unfolding story of the Association's successful development.



Real Oil Prices from 1980 to 1982

Hillard G. Huntington

Year: 1984
Volume: Volume 5
Number: Number 3
DOI: 10.5547/ISSN0195-6574-EJ-Vol5-No3-8
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Abstract:
In the early 1980s, soft world oil markets were accompanied by two important and unforeseen world economic developments: stagnant economic growth and an appreciating dollar. The virtual standstill in economic growth from 1980 to 1982 was well off the 3 percent-plus growth path many analysts had anticipated. This experience, coupled with large shifts in oil inventory holdings by consumers (and perhaps increased consumer responses to oil prices), has led to a steady accumulation of unused productive capacity in the world oil market.



The Great Transition: Energy and Economic Change

Dale W. Jorgenson

Year: 1986
Volume: Volume 7
Number: Number 3
DOI: 10.5547/ISSN0195-6574-EJ-Vol7-No3-1
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Abstract:
This paper examines the interactions between energy prices and economic growth since the first world oil crisis in 1973. Its title comes from a report by the Swedish National Energy Administration. The report, which details the transition of the world economy from low-priced to high-priced energy, is an excellent overview of the interrelationships between industrialized economies and international energy markets.



Energy and Growth: Beyond the Myths and Myopia

R.K. Pachaari

Year: 1989
Volume: Volume 10
Number: Number 1
DOI: 10.5547/ISSN0195-6574-EJ-Vol10-No1-2
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Abstract:
This annual international conference of the IAEE, being the tenth of a series, assumes special significance. It presents, therefore, a good opportunity to introspect on how these conferences, which receive increasing attention every year (as indeed does the Association of which this is the major annual meeting), have really fared in addressing the challenges confronting the energy economics profession. This is an association whose interests span perhaps a wider range of activities than other economics associations, particularly those dealing with other sectoral subjects. Our resources and strengths place us in a unique position to make contributions far beyond the range of most professional organizations. Not only has this association in its fold several luminaries drawn from the economics profession, but we are also uniquely endowed with a range of other disciplines and skills which supplement and support the economics profession. We have leaders of business, physical scientists, engineers, lawyers, politicians and others drawn from diverse field of learning and knowledge. It is indeed laudable and heartening that we have in this conference for the first time representation from the Soviet Union. I hope their participation marks the beginning of a relationship that will grow in the years to come, and culminate very soon in the organization of an annual international meeting in the USSR.



Energy and Economic Interaction in Thailand

John C Sheerin

Year: 1992
Volume: Volume 13
Number: Number 1
DOI: 10.5547/ISSN0195-6574-EJ-Vol13-No1-8
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Abstract:
The rapid rate of economic growth experienced in Thailand through the mid-1980s has been associated with an even more rapid use of energy as a factor input. This paper decomposes total change in energy into output, structural change and conservations effects. In the industrial sector, the rate of expansion in total energy inputs has been sharply reduced due to a structural change away from agricultural and manufacturing dominance and by a significant increase in the efficiency of energy use. In the household sector, the energy impacts of the expansion in the use of appliances were more than offset by the economies associated with delivered energy forms, and by other apparent adjustments in connection with higher energy costs.



Energy Consumption and Economic Activity in China

Chuanlong Tang and Sumner J. La Croix

Year: 1993
Volume: Volume14
Number: Number 4
DOI: 10.5547/ISSN0195-6574-EJ-Vol14-No4-2
View Abstract

Abstract:
This paper uses province-level cross-section data to explore the relationship between energy consumption and economic activity in China. Our key finding is that the income elasticity of energy consumption is approximately 1.0. When a province exports energy or has significant amounts of heavy industry, its energy consumption is higher. However, income elasticities are similar across energy exporting and -importing provinces. Energy consumption is lower in coastal provinces than inland provinces, but the income elasticity is higher in the rapidly developing coastal provinces. We conclude that China's economy is unlikely to become significantly more energy-intensive during the 1990s.



Why Has the Energy-Output Ratio Fallen in China?

Richard F. Garbaccio, Mun S. Ho and Dale W. Jorgenson

Year: 1999
Volume: Volume20
Number: Number 3
DOI: 10.5547/ISSN0195-6574-EJ-Vol20-No3-3
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Abstract:
In China, between 1978 and 1995, energy use per unit of GDP fell by 55 percent. There has been considerable debate about the major factors responsible for this dramatic decline in the energy-output ratio. In this paper we use the two most recent input-output tables to decompose the reduction in energy use into technical change and various types of structural change, including changes in the quantity and composition of imports and exports. In performing our analysis we are forced to deal with a number of problems with the relevant Chinese data and introduce some simple adjustments to improve the consistency of the input-output tables. Our main conclusion is that between 1987 and 1992, technical change within sectors accounted for most of the fall in the energyoutput ratio. Structural change actually increased the use of energy. An increase in the import of some energy-intensive products also contributed to the decline in energy intensity.



The Impact of Oil Price Shocks on the Economic Growth of Selected MENA1 Countries

M. Hakan Berument, Nildag Basak Ceylan and Nukhet Dogan

Year: 2010
Volume: Volume 31
Number: Number 1
DOI: 10.5547/ISSN0195-6574-EJ-Vol31-No1-7
View Abstract

Abstract:
This paper examines how oil price shocks affect the output growth of selected MENA countries that are considered either net exporters or net importers of this commodity, but are too small to affect oil prices. That an individual country's economic performance does not affect world oil prices is imposed on the Vector Autoregressive setting as an identifying restriction. The estimates suggest that oil price increases have a statistically significant and positive effect on the outputs of Algeria, Iran, Iraq, Kuwait, Libya, Oman, Qatar, Syria, and the United Arab Emirates. However, oil price shocks do not appear to have a statistically significant effect on the outputs of Bahrain, Djibouti, Egypt, Israel, Jordan, Morocco, and Tunisia. When we further decompose positive oil shocks such as oil demand and oil supply for the latter set of countries, oil supply shocks are associated with lower output growth but the effect of oil demand shocks on output remain positive.



Oil Abundance and Economic Growth--A Panel Data Analysis

Nuno Torres, Oscar Afonso, and Isabel Soares

Year: 2012
Volume: Volume 33
Number: Number 2
DOI: 10.5547/01956574.33.2.6
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Abstract:
Using panel estimation, this paper shows that higher oil abundance does not hinder crude producers' growth. This sample controls for specificities of oil economies, but the usual cross-section `curse' result is found—it disappears allowing for unobserved effects. The chosen model controls for a potential (but unconfirmed) oil curse working through institutions, and for other growth factors such as education, which is considered by deriving real wage growth as the dependent variable. We measure the oil growth-effects through labor and capital efficiency, and as a factor of production. They are all insignificant for oil production, but rig productivity benefits growth through capital efficiency. However, oil concentration only fosters growth (by reducing the capital necessary to oil exploration) significantly if there is fiscal responsibility, and in developing countries, where institutions are weaker and there is a broader scope for factor-efficiency and technological improvements arising from the oil sector. Keywords: Economic growth, Institutions, Oil curse, Panel data



The Role of Energy in the Industrial Revolution and Modern Economic Growth

David I. Stern and Astrid Kander

Year: 2012
Volume: Volume 33
Number: Number 3
DOI: 10.5547/01956574.33.3.5
View Abstract

Abstract:
The expansion in the supply of energy services over the last couple of centuries has reduced the apparent importance of energy in economic growth despite energy being an essential production input. We demonstrate this by developing a simple extension of the Solow growth model, which we use to investigate 200 years of Swedish data. We find that the elasticity of substitution between a capital-labor aggregate and energy is less than unity, which implies that when energy services are scarce they strongly constrain output growth resulting in a low income steady-state. When energy services are abundant the economy exhibits the behavior of the "modern growth regime" with the Solow model as a limiting case. The expansion of energy services is found to be a major factor in explaining economic growth in Sweden, especially before the second half of the 20th century. After 1950, labor-augmenting technological change becomes the dominant factor driving growth though energy still plays a role. Keywords: Unified growth theory, Energy, Industrial Revolution, Economic growth




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