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By T. M. Rybczynski (eds.)

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Extra info for The Economics of the Oil Crisis

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Money income M is constant and is initially equal to money expenditure. Let initial expenditure on domestically-produced goods be R. Then M =R +

In the history of mankind, shortages have often developed and were usually solved by new technology; and practically all were overcome by applying massive additional quantities of energy in some conventional or new form. This was one of the chief reasons why demand for energy has escalated so rapidly. According to the 4 The Economics of the Oil Crisis exponents of the Club of Rome, who publicised their views well before the present acute crisis became apparent, this possibility was seriously jeopardised by the fundamental problem of the world nearing the final exhaustion of fossil fuel resources.

In the majority of these cases the processing industries of the most industrialised countries are based on imported raw materials. The development of the world economy has tended to increase the bargaining power of raw material suppliers who want to establish processing industries of their own and so reap the value added in the processing of their primary resources. In all other areas of trade, tariffs can be phased out over a period with much less difficulty of consequent adjustment. Bel/agio Memorandum xxxi To say that the economic effect of tariffs- that is, the protection they afford - has greatly diminished does not imply that the further reduction and ultimate elimination of those that are outstanding has become less important or less urgent.

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