Energy in the unit cost index to measure scarcity

Darwin C. Hall, Jane V. Hall and David X. Kolk

Energy, 1988, vol. 13, issue 3, 281-286

Abstract: We show that the unit cost index concept, when generalized to include energy as an input, has a sound theoretical basis for industries other than non-renewable resource industries. Average cost trends reflect increasing scarcity of non-renewable energy inputs. We present a numerical example of the computation of a generalized unit cost index, which requires construction of a measure of capital and involves prior computations of embedded and direct energy in commodities. We briefly discuss weaknesses and issues relevant to the use of the unit cost index as an indicator of increasing scarcity.

Date: 1988
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Persistent link: https://EconPapers.repec.org/RePEc:eee:energy:v:13:y:1988:i:3:p:281-286

DOI: 10.1016/0360-5442(88)90022-9

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