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A well-written and extremely informative book about our energy industries, their significance to the economy, and how economists analyze the problems associated with energy production and consumption. The reader with only a cursory knowledge of economic principles, as well as trained economists, will learn much from Peirce's incisive and sometimes acerbic examination of the coal, oil, natural gas, electric utility, nuclear power, and the alternative energy industries.
Choice review of First Edition
Economics of the Energy Industries, Second Edition, examines the industry, in general, and its component industries (petroleum, natural gas, coal, electricity, nuclear, and alternative fuels). Dr. William Peirce blends technical and historical information about the component industries and analyzes the mixture with economic tools. The text provides the reader with a combination of the analytical concepts, the historical and institutional background necessary to understand the role of energy in modern economies, and the issues involved in public policy related to energy. Dr. Peirce incorporates environmental issues as well as the current status of industry regulation in his thorough and completely revised edition.
List of contents
Figures and Tables
Preface
An Economic Approach: Measures and AnalysisEnergy: An Economist's View
Energy Flows
Markets, Prices, and Efficiency
Energy and Economic Growth
Guessing about Future Consumption and Production
The Extractive IndustriesReserves and Resources
The Economic Theory of the Mine
The Coal Industry
The Oil Industry
The Natural Gas Industry
The Energy Conversion IndustriesThe Electric Utility Industry
Nuclear Power
Other Sources of Energy
Problems and PoliciesHealth, Safety, and Environment
Government Policy
Selected References
Index
About the author
WILLIAM SPANGAR PEIRCE is Professor of Economics at Case Western Reserve. He is the author of Bureaucratic Failure and Public Expenditure(81) and co-author of hnological Progress and Industrial Leadership(84).