Productivity is closely associated with direct and indirect use of energy as an input. The importance of energy can not be denied as one of the basic inputs to economic growth process. The consumption of energy has been among the critical indicators of the level of development of any country. It is observed that usually the developed countries use more energy per unit of economic output and far more energy per capita than developing countries. This reflects the adoption of increasingly more efficient technologies for energy production and utilisation as well as changes in the composition of economic activities. This, largely, needs a shift in energy use [Cheng and Lai (1997)]. When this shift in the composition of final energy use is taken into account energy use and the level of economic activity are found to be tightly coupled. The prospect of large reduction in the energy use intensity of economic activity seems limited. So, the accelerated demand results in the scarcity of energy and increasing cost have severe implications for economic growth. This ever increasing role of energy in the present day scenario underlines the need to increase the supply of energy and to find some new alternative energy sources and energy conservation techniques

Mangoes are one of Pakistan's most important fruits; the country is the world's fourth largest producer and exporter of mangoes. Integrated markets are those where price signals are transferred from one to another, allowing physical arbitrage to adjust any disturbances in these markets; integrated markets are thus a sign of efficiency. From this viewpoint, we investigate domestic integration among ten major mango markets, i.e., Lahore, Faisalabad, Multan, Gujranwala, Sargodha, Karachi, Hyderabad, Sukkur, Peshawar, and Quetta employing Johansen's cointegration approach and error correction model. Data on monthly wholesale prices data (PRs/100 kg) were obtained from the agricultural and livestock marketing advisor, Government of Pakistan. The results of the study confirm the presence of integration among major mango markets in Pakistan. These markets were able to adjust for 16 to 68% of disequilibrium in one month, implying that it takes almost two to six months to remove any disequilibrium and to move back to long-run equilibrium. The Granger causality test shows that the Karachi market has bidirectional causality with Lahore, Faisalabad, Multan, Hyderabad, and Sukkur, and a unidirectional relationship with the rest. An impulse response analysis was also conducted to check the stability of these markets given a standard error shock to the Karachi base market. JEL Classification: A10, C01.

This paper attempts to evaluate the impact of monetary and macroeconomic factors on real wheat prices in Pakistan for the period 1976-2010, using Johansen's co-integration approach. The Augmented Dickey-Fuller test reveals that all the variables used are first-difference stationary, except the trade openness indicator, which is second-difference stationary. There is also a longrun equilibrium relationship among these variables. The results indicate that real money supply, openness of the economy, and the real exchange rate have a significant effect on real wheat prices in the long run. The impulse response function shows that a trade openness shock impacted wheat prices to some extent and that it took three to four years for prices to become stable, following the shock. The findings of the study suggest that the policy thrust should focus on increasing wheat supply in the country by enhancing production or by liberalizing trade. Efforts should also be directed toward stabilizing the value of the Pakistani rupee against foreign currencies, especially the US dollar.

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