Scarcity and Growth Considering Oil and Energy an Alternative Neo-Classical View

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This book examines new 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.. It examines new theories and evidence about oil scarcity, contradicting the works Scarcity and Growth (1964) and Scarcity and Growth Reconsidered (1979). It combines basic economic principles of scarcity and cost with physics, an innovative approach never done before. It shows 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.

“. . . it will stimulate a lot of discussion among energy experts on the future of energy and the sensitive issue of depletion. Of particular interest to energy practitioners is the article entitled: ‘World Oil Supply Forecast and the Reserve/Production Ration Assumption’.” – Dr. Mamdouh H. Salameh, Director, Oil Market Consultancy Service; Oil Economist, World Bank Consultant, UNIDO Technical Expert

Table of Contents

Table of contents:
Preface; Introduction
1. The Mineral Economy: How Prices and Costs Can Falsely Signal Decreasing Scarcity
2. Determining the power of prices to change oil discovery and production using a non-time dependent Hubbert Model
3. Oil Exploration Game with Incomplete Information: An Experimental Study
4. Modeling OPEC Behavior: Theories of Risk Aversion for Oil Producer Decisions
5. World Oil Supply Forecast and the Reserve-Production Ratio
6. Energy Grades and Economic Growth
7. Entropy Subsidies
8. The Energy Utilization Chain: Determining Viable Oil Alternative Technology
9. The Economics of Alternative Energy Resources
10. Entropy and Diminishing Elasticity of Substitution
11. Soviet Economic Decline: Did an Oil Crisis Cause the Transition in the Soviet Union?
Index; Bibliography

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