Abstract
Perhaps there is no aspect as pervasive in our day to day life as the impact of energy utilization. Together with the evolution of technology, man's ability to harness energy has enabled him to control and shape the environment.With the flick of a finger, he can alter the perception of night and day. Within hours, he can travel great distances with speeds unimaginable with any animal motive power. With relative ease, he can duplicate the heat in the earth's core to fire the wheels of industry. It is likewise through this familiarity that we all have taken energy utilization for granted. The economics, meaning the efficient allocation, of energy receive scant attention from economists save in situations when traditional sources are disrupted by externalities or in common language -- energy crisis. The gathering of data, exhaustive analysis and lessons learned are quickly forgotten; they are filed away in some dusty nook of libraries. Articles dealing with the economics of an energy crisis are limited and sparse. In fact, we only realize how crucial energyis in times of scarcity. In 1973 and 1979, oil was embargoed. Today, war threatens the Middle East where three quarters of the world's supply is kept.
Recommended Citation
Roxas, Fernando Y.
(1990)
"The Economics of an Energy Crisis,"
DLSU Business & Economics Review: Vol. 3:
No.
1, Article 8.
DOI: https://doi.org/10.59588/2243-786X.1472
Available at:
https://animorepository.dlsu.edu.ph/ber/vol3/iss1/8
