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Energy economics is a broad scientific subject area which includes topics related to supply and use of energy in societies. Science (from the Latin scientia, meaning " Knowledge " or "knowing" is the effort to discover, and increase human understanding Energy supply is the delivery of fuels or transformed fuels to point of consumption In Physics and other Sciences energy (from the Greek grc ἐνέργεια - Energeia, "activity operation" from grc ἐνεργός A society is a Population of Humans characterized by patterns of relationships between individuals that share a distinctive Culture and Institutions Due to diversity of issues and methods applied and shared with a number of academic disciplines, energy economics does not present itself as a self contained academic discipline. An academic discipline or field of study is a branch of Knowledge which is taught or Researched at the college or university level On the other hand the importance of energy in the economy and politics provides some cohesion to professional and scientific endeavors in energy economics. An economy is the realized social system of production exchange distribution and consumption of goods and services of a country or other area Politics Politics is the process by which groups of people make decisions From the list of main topics of economics the following are most relevant to energy economics:

Energy economics draws heavily also on results of energy engineering, political sciences, geology, ecology etc. An academic discipline or field of study is a branch of Knowledge which is taught or Researched at the college or university level Econometrics is concerned with the tasks of developing and applying Quantitative or Statistical methods to the study and elucidation of economic principles Microeconomics is a branch of Economics that studies how individuals households and firms and some states make decisions to allocate limited resources typically in markets Macroeconomics is a branch of Economics that deals with the performance structure and behavior of a national or regional Economy as a whole Engineering is the Discipline and Profession of applying technical and scientific Knowledge and Political science is a branch of Social sciences that deals with the theory and practice of Politics and the description and analysis of Political systems Geology (from Greek γη gê, "earth" and λόγος Logos, "speech" lit Ecology (from Greek grc οἶκος oikos, "house(hold" and grc -λογία -logia) is the scientific study of Recent focus of energy economics includes the following issues:

Some institutions of higher education (universities) recognise energy economics as a viable career opportunity, offering this as a curriculum. Climate change is any long-term significant change in the “average weather” that a given region experiences The economics of global warming refers to the projected size and distribution of the economic costs and benefits of Global warming, and to the economic Access to cheap energy has become essential to the functioning of modern economies Sustainability, in a general sense is the capacity to maintain a certain process or state indefinitely An electricity market is a system for effecting the purchase and sale of electricity using Supply and demand to set the price In general liberalization (or liberalisation) refers to a relaxation of previous government restrictions usually in areas of social or economic policy This article is for the legal term For regulation of genes see Regulation of gene expression. In electricity grids demand response (DR refers to mechanisms to manage the demand from customers in response to supply conditions for example having electricity customers reduce their Economic growth is the increase in the amount of the goods and services produced by an economy over time Energy development is the ongoing effort to provide sufficient Primary energy sources and secondary Energy forms to meet civilization's needs Environmental policy is any (course of action deliberately taken (or not taken to manage human activities with a view to prevent reduce or mitigate harmful effects on nature and natural See also Nuclear energy policy Energy policy is the manner in which a given entity (often governmental has decided to address issues of Energy development Also known as Energy trade, Oil trade, Gas trade, Power trade. In Economics, elasticity is the ratio of the percent change in one variable to the percent change in another variable Energy elasticity is a term used with reference to the Energy intensity of Gross Domestic Product. A university is an institution of Higher education and Research, which grants Academic degrees in a variety of subjects Career is a term defined by the Oxford English Dictionary as an individual's "course or progress through life (or a distinct portion of life" In formal education a curriculum (plural curricula) is the set of courses and their content offered at a School or University. There are numerous research departments, companies and professionals offering energy economics studies and consultations.

Contents

History

Energy related issues have been actively present in economic literature since the 1973 oil crisis. The 1973 oil crisis began on October 17 1973 when the members of Organization of Arab Petroleum Exporting Countries (OAPEC consisting of the Arab members of But when extended to include the ecological point of view the economics of energy resources have their roots much further back in the history. As early as 1865 W.S. Jevons expressed his concern about the eventual depletion of coal resources in his book The Coal Question[1] [2]. Year 1865 ( MDCCCLXV) was a Common year starting on Sunday (link will display the full calendar of the Gregorian calendar (or a Common year William Stanley Jevons ( September 1, 1835 - August 13, 1882) English Economist and Logician, was born in One of the best known early attempts to work on the economics of exhaustible resources was made by H. Hotelling. Harold Hotelling ( Fulda Minnesota, September 29, 1895 &ndash December 26, 1973) was a mathematical statistician and very influential As a result, he derived a price path to non-renewable resources, known as Hotelling's rule. Not to be confused with Hotelling's law. Hotelling's rule is defining the net price path as a function of time while maximising rent in the

Key concepts

Analysis of a nation's or a world energy economy can be started from the corresponding energy balance, allowing one to visualise the flows of energy resources and their utilisation on a periodical (usually annual) basis.

However, one shall be aware that this level of analysis inherently misses the economic aspect of the energy problem, since all sources and uses of energy are expressed in physical units (usually quadrillion BTU's). The costs and the efficiency of various energy sources has to be accounted for separately.

Since energy policy planning and analysis is a long-term business, some kind of insight into the sustainability of different policy options is preferable. See also Nuclear energy policy Energy policy is the manner in which a given entity (often governmental has decided to address issues of Energy development Sustainability, in a general sense is the capacity to maintain a certain process or state indefinitely This implies forecasting of main energy and economic variables along several scenarios and establishing a consistent criterion for comparison among them.


Source and links

There are three journals of energy economics:

There are several other journals that regularly publish papers in energy economics:

There is also a handbook in three volumes. Energy Economics is a Scientific journal published by Elsevier. Energy and Environment is "an interdisciplinary journal aimed at natural scientists technologists and the international social science and policy communities covering

Much progress in energy economics has been made through the model comparison exercises of the (Stanford) Energy Modeling Forum and the meetings of the International Energy Workshop. The Energy Modeling Forum (EMF is a structured forum for discussing important issue in energy and the environment

IDEAS/RePEc has a list of energy economists and a ranking of the same.

References

  1. ^ Online Library of Liberty - Titles
  2. ^ Jevons, The Coal Question: Library of Economics and Liberty
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