1973
DOI: 10.2307/2534202
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The Allocation of Energy Resources

Abstract: ABUNDANT ENERGY AT LOW COST iS fundamental to a highly industrialized economy like the United States. The American way of life is hard to visualize without commuters, television, overheated houses, aluminum cans, and jet setters; yet it is equally difficult to conceive of substitutes for these hallmarks of American society if cheap energy were no longer available. Given the dependence on energy, there has been perennial anxiety over the adequacy of the nation's resources for meeting its apparently insatiable a… Show more

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Cited by 444 publications
(151 citation statements)
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“…The resulting price path for a competitive equilibrium is depicted in Figure 1. It is easy to see that the cumulated discounted profit derived from the resource stock amounts to p • S. All this is well known and has been stated in greater detail for instance by Nordhaus (1973) and Dasgupta and Stiglitz (1976).…”
Section: Documents In Econstor Maymentioning
confidence: 71%
“…The resulting price path for a competitive equilibrium is depicted in Figure 1. It is easy to see that the cumulated discounted profit derived from the resource stock amounts to p • S. All this is well known and has been stated in greater detail for instance by Nordhaus (1973) and Dasgupta and Stiglitz (1976).…”
Section: Documents In Econstor Maymentioning
confidence: 71%
“…The last resort to bring that helium back into the supply chain requires extracting helium from the open air. Economists often call such a production technology of last resort a ''backstop'' (Nordhaus 1973).…”
Section: The Backstopmentioning
confidence: 99%
“…As argued by Nordhaus (1973), energy is an essential input in many economic processes, required by the laws of physics. Although more efficient use might save energy, it simply is not possible to heat houses, produce aluminium, run transportation systems, or generate electricity without it p. 530).…”
Section: Conclusion and Policy Implicationsmentioning
confidence: 99%