Is energy cost an accurate indicator of natural resource quality?
The use of energy cost as an indicator of natural resource quality is examined. Energy cost is the direct and indirect energy used to produce a unit of a resource commodity. Different approaches to the role of energy in the economy are discussed and it is demonstrated theoretically that energy cost can give false indications of changes in resource quality. This is because energy cost is only an accurate indicator of resource quality if either energy is the single primary factor of production...[Show more]
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