‘Peak Oil’ as Classical Economic Process

François Meynard
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François Meynard: Dipl Phys, PhD in Math of Swiss Federal Institute of Technology Lausanne. 41 bld Georges Favon, CH 1204 Geneva Switzerland

Energy & Environment, 2014, vol. 25, issue 5, 863-879

Abstract: Forecasts about ‘peak oil“, the limits of oil production, are the subject of controversies. ‘Peak oil’ forecasts are based on extrapolations of a priori chosen mathematical models fitted to field data. Scientifically that is not very sound. To clarify this point, in this paper ‘peak oil’ is modelled in a generic reductionist, approach, in which the conflicting dynamic between economic forces and physical laws are well identified. This model finds a natural interpretation just supress in a classical economic analysis frame. The ‘peak oil’ controversy is thus brought into the field of economic thought as a debate between classical and mainstream economics, in particular between an objective and a faith based appraisal about this historical event. The goal is not to improve forecasts about ‘peak oil’, which is very likely not a predictable event, but to propose an objective framework for the analysis of its systemic effects on economic production.

Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:sae:engenv:v:25:y:2014:i:5:p:863-879

DOI: 10.1260/0958-305X.25.5.863

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