Lower World Energy Prices: Good News or Bad News?

David Burgess

Canadian Journal of Economics, 1989, vol. 22, issue 3, 487-502

Abstract: Lower world energy prices may reduce the overall rate of return to capital and slow down the rate of capital formation and GDP growth in a new energy-importing economy even if capital and energy are complementary inputs in 95 percent or more of the economy that uses energy as an input. Whether the economy is a net energy importer or exporter, lower world energy prices will increase the sustainable real income of the representative citizen if energy-specific resources are privately owned.

Date: 1989
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