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The Relations of Economic Rents and Price Incentives to Oil and Gas Supplies

In: Inflation, Open Economies and Resources

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  • Paul Davidson

Abstract

An important aspect of the energy problem involves the consequences of any higher prices for fossil fuels, primarily gas and oil, that may be required to bring forth quantities of the fuels that will balance supply and demand. Alfred Marshall has defined the supply price as ‘the price required to call forth the exertion necessary for producing any given amount of the commodity’.1 As the market price rises, some suppliers and/or property owners will receive incomes higher than they would have been willing to settle for in a more competitive environment and more than they would be able to earn in alternative occupations for similar efforts. These excess payments are economic rents.

Suggested Citation

  • Paul Davidson, 1991. "The Relations of Economic Rents and Price Incentives to Oil and Gas Supplies," Palgrave Macmillan Books, in: Louise Davidson (ed.), Inflation, Open Economies and Resources, chapter 26, pages 353-406, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-11516-7_26
    DOI: 10.1007/978-1-349-11516-7_26
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