Open AccessPakistan: Energy Consumption and Economic Growth
Author(s) -
T. Riaz
Publication year - 1984
Publication title -
pakistan development review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.154
H-Index - 26
ISSN - 0030-9729
DOI - 10.30541/v23i2-3pp.431-456
Subject(s) - stagflation , economics , disequilibrium , consumption (sociology) , shock (circulatory) , inflation (cosmology) , energy consumption , macroeconomics , supply shock , monetary economics , development economics , international economics , unemployment , monetary policy , medicine , ecology , social science , physics , sociology , biology , theoretical physics , ophthalmology
After the Arab oil embargo of 1973, oil prices rose rapidlyand the energy importing economies experienced an exogenously determinedreal supply shock, which, in most cases, led to a fall in their rates ofeconomic growth and a corresponding rise in the rates of inflation. Theenergy situation emerged as a serious issue and the relationship betweenenergy consumption and economic growth came into sharp focus. The lastdecade has been a period of disequilibrium, structural adjustment andadoption of strategies to cope with the previously unknown phenomenon ofstagflation.