Is World Metal Consumption in Disarray?

MoonJoong Tcha and Gaku Takashina
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MoonJoong Tcha: Department of Economics, The University of Western Australia

No 01-05, Economics Discussion / Working Papers from The University of Western Australia, Department of Economics

Abstract: The consumption pattern of seven major metals - steel, aluminium, copper, lead, nickel, tin and zinc - has frequently violated the law of demand in the late 20th century. This paper examines the patters of the major metal consumption int he world and seven particular regions and analyzes the disarray of metals consumption. Divisia price-quantity covariance indexes report that the price and quantity consumed moved frequently int he same direction and the elasticity approach shows that the own-price elasticities are extremely small and insignificant, while income elasticities are signficant. However, considering the parameters that are crucial in detemrining the own-price elasticity, this paper concludes that the apparent disarray in metals consumption is not in fact real.

Keywords: Metals Consumption; Divisia Indexes; Elasticities; The Law of Demand (search for similar items in EconPapers)
Pages: 34 pages
Date: 2001
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