{"title":"Energy Prices and the U.S. Economy, 1972-1976","authors":"D. Jorgenson, E. Hudson","doi":"10.7551/mitpress/3382.003.0015","DOIUrl":null,"url":null,"abstract":"Higher energy prices following the 1973 oil embargo are shown to have seriously impacted the U. S. economy to the extent of slowing energy consumption growth by 8.8 percent. Analysis of the 1972--1976 period reveals a 3.2 percent drop in gross national product and a general slowdown in the economy, causing declines in capital stocks and employment and a rise in inflation. A dynamic general-equilibrium economic model is used to study production activities in 10 sectors. The increase in energy prices is shown to have altered both the relative prices of goods according to their energy intensity and the relative demand for goods. Structural adjustments were made in investment levels and the expansion of employment into labor-intensive areas. 12 tables, 7 footnotes.","PeriodicalId":46149,"journal":{"name":"Natural Resources Journal","volume":"18 1","pages":""},"PeriodicalIF":0.6000,"publicationDate":"1978-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"31","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Natural Resources Journal","FirstCategoryId":"90","ListUrlMain":"https://doi.org/10.7551/mitpress/3382.003.0015","RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q4","JCRName":"ENVIRONMENTAL STUDIES","Score":null,"Total":0}
引用次数: 31
Abstract
Higher energy prices following the 1973 oil embargo are shown to have seriously impacted the U. S. economy to the extent of slowing energy consumption growth by 8.8 percent. Analysis of the 1972--1976 period reveals a 3.2 percent drop in gross national product and a general slowdown in the economy, causing declines in capital stocks and employment and a rise in inflation. A dynamic general-equilibrium economic model is used to study production activities in 10 sectors. The increase in energy prices is shown to have altered both the relative prices of goods according to their energy intensity and the relative demand for goods. Structural adjustments were made in investment levels and the expansion of employment into labor-intensive areas. 12 tables, 7 footnotes.
期刊介绍：
The Natural Resources Journal (NRJ) is published by the University of New Mexico School of Law and is an international, interdisciplinary forum devoted to the study of natural and environmental resources. The Journal is policy oriented, and seeks to overcome the isolation of scholars in various disciplines who are concerned with natural and environmental resources. Interdisciplinary collaboration in solving resource-related problems was a formative principle in the creation of the Journal and, for 50 years, the Journal has been guided by that principle. The NRJ''s contributors come from various disciplines, represent many countries, and provide many approaches to the complex issues raised by the need to balance resource development and environmental concerns. Natural Resources Journal is a member of the National Conference of Law Reviews, Inc.
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