The Disciplinary Perspectives

Judith Rees and Peter R. Odell
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Judith Rees: London School of Economics
Peter R. Odell: London School of Economics

Chapter 10 in The International Oil Industry, 1987, pp 129-170 from Palgrave Macmillan

Abstract: Abstract In this chapter an attempt will be made to draw together the threads in the debate by considering the issues raised from the disciplinary perspectives represented at the seminar series. We begin with an economic viewpoint. The marked recent decline in oil prices and the evident disunity of OPEC has naturally led to much discussion of the ‘reassertion’ of the ‘logic of the market’. However, certain care must be taken when the rules for market logic are derived from models of the world economy which assume economic rationality, perfect competition and free markets. Neither individual consumers, industries or financial corporations nor, importantly, their governments, necessarily adhere to the objectives or behavioural norms implied by economic rationality. As Professor Desai himself points out in the messy political economy of the real world oil market ‘economics alone is not enough’

Keywords: Free Market; Host State; Exhaustible Resource; Disciplinary Perspective; OPEC Member (search for similar items in EconPapers)
Date: 1987
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-09340-3_10

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DOI: 10.1007/978-1-349-09340-3_10

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