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Energy Prices, Capital Formation, and Potential GNP

David F. Burgess

Year: 1984
Volume: Volume 5
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol5-No2-1
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Abstract:
A common theme of the rapidly developing literature on energy-economy interaction is that higher energy prices-initiated by external events such as OPEC-will permanently reduce the growth potential of net energy-importing economies even if full-employment conditions are maintained. According to this literature, in the absence of government measures to encourage saving and investment any initial adverse effect on the economy's real income at full employment (hereafter referred to as potential GNP) resulting from the need to pay a higher real price for imported energy will be compounded by secondary effects that reduce the rate of capital formation. This secondary or reverse feedback effect through capital may be the largest component of the overall impact on potential GNP.



Energy-Economy Interactions in Developing Countries

Charles R. Blitzer

Year: 1986
Volume: Volume 7
Number: Number 1
DOI: 10.5547/ISSN0195-6574-EJ-Vol7-No1-3
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Abstract:
Since 1973 the global economy has been going through a difficult transition period. After a long period of growth, characterized in part by low oil prices and increased reliance on production in a few large oil-exporting countries, it is moving toward a new equilibrium characterized by substantially higher energy costs and an energy supply base more diversified in terms of fuels as well as country import sources. This transition period is far from over. Although developing countries use only a small percentage of the world's oil (about one-sixth), their economic performance has been adversely affected by higher energy costs. Most developing countries import oil and have been caught in a dilemma of increasing foreign debt and/or reducing economic growth. On average, in 1981 the oil-importing LDCs spent 38 percent of their export earnings on imported oil, and domestic energy investments accounted for about 25 percent of aggregate investment.These percentages may increase because of industrialization plans and diminishing supplies of traditional fuels for household and agricultural use.



Energy, Electricity, and the U.S. Economy: Emerging Trends

Fereidoon P. Sioshansi

Year: 1986
Volume: Volume 7
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol7-No2-6
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Abstract:
With memories of the energy crisis fading in the midst of an oil glut, one can reflect with objectivity on events of the past two decades. Many papers published in the past several years have attempted to analyze post-embargo energy trends and made observations on whether these new trends represent abberations in long-term relationships or represent fundamental changes in energy-economic interactions.





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