Energy Modeling and Forecasting: Implications for Strategic Planning

• Published in: Business economics (Cleveland, Ohio) Vol. 13; no. 4; pp. 21 - 27
• Main Author: Sweeney, John C.
• Format: Journal Article
• Language: English
• Published: Basingstoke National Association of Business Economists 01-09-1978; Springer; Palgrave Macmillan
• Subjects: Econometrics; Economic forecasting; Economic forecasting models; Economic modeling; Economic models; Economics; Energy; Energy economics; Energy modeling; Energy policy; Forecasting; Forecasting models; Modeling; Parameter estimation; Strategy; Supply side economics; Time series forecasting
• ISSN: 0007-666X; 1554-432X

Prior to the oil embargo of 1973, fossil fuel energy was thought to be abundant and relatively low priced. The interrelationships between energy and the national economy were poorly understood. There were no models that could adequately determine how changes in energy costs and availability would affect the economy. Today, interest in energy and its economic effects is high. Many urgent questions face policy makers in the near future, requiring the best possible understanding of the energy-economics nexus. This article discusses principles and practices of some key energy models and their implications for planning strategy.