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Energy and market power: an alternative approach to the economics of oil

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  • Alessandro Roncaglia

Abstract

After recalling the existence of two competitive approaches to economics, the "subjective" and the "objective" one, and the main stylized facts about the energy sector,the paper critically examines different versions of "mainstream" economics of oil and sketches an alternative approach, based on the notion of "trilateral oligopoly." Some implications of this approach (dynamic rather than static substitution, an environmental policy based not on fears of scarcity but on the notion of sustainable development, the need for antitrust intervention for stabilizing oil prices) are then examined.

Suggested Citation

  • Alessandro Roncaglia, 2003. "Energy and market power: an alternative approach to the economics of oil," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 25(4), pages 641-659.
    • Handle: RePEc:mes:postke:v:25:y:2003:i:4:p:641-659
    DOI: 10.1080/01603477.2003.11051375
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    Cited by:

    1. Alessandro Roncaglia, 2011. "Macroeconomics in crisis and macroeconomics in recovery," PSL Quarterly Review, Economia civile, vol. 64(257), pages 167-185.
    2. Hossein Askari & Noureddine Krichene, 2010. "Monetary policy and world commodity markets: 2000-2007," PSL Quarterly Review, Economia civile, vol. 63(253), pages 145-177.
    3. Clive L Spash & Heinz Schandl, 2009. "Growth, the Environment and Keynes: Reflections on Two Heterodox Schools of Thought," Socio-Economics and the Environment in Discussion (SEED) Working Paper Series 2009-01, CSIRO Sustainable Ecosystems.
    4. Guarini, Giulio & Porcile, Gabriel, 2016. "Sustainability in a post-Keynesian growth model for an open economy," Ecological Economics, Elsevier, vol. 126(C), pages 14-22.
    5. Alessandro Roncaglia, 2011. "Macroeconomie in crisi e macroeconomie in ripresa," Moneta e Credito, Economia civile, vol. 64(254), pages 115-133.
    6. Fontana, Giuseppe & Sawyer, Malcolm, 2016. "Towards post-Keynesian ecological macroeconomics," Ecological Economics, Elsevier, vol. 121(C), pages 186-195.
    7. Giulio Guarini, 2015. "Complementarity between environmental efficiency and labour productivity in a cumulative growth process," PSL Quarterly Review, Economia civile, vol. 68(272), pages 41-56.

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