The Economics of Petroleum Supply
M. A. Adelman is one of the preeminent authorities on the economics of mineral resources. This book brings together his work, written over the past thirty years, on mineral depletion and the nature of monopoly in world oil. Organized into three groups, the twenty-seven papers cover theory and measurement of mineral scarcity and depletion, analysis of the OPEC cartel and control of the oil market, and public policy problems and options.
"The significance of the contribution which these pieces represent is enormous. Few scholars leave such a distinctive mark on their chosen field of specialization as Adelman."
James L. Smith, Professor, Department of Economics, University of Houston
"No person has a greater influence on the thinking of experts who have become managers or government regulators of the world's oil and gas industries than Morry Adelman. His analysis and knowledge represent a unique asset that will never be replicated. This volume contains many of his seminal contributions to our understanding of the costs of exploration, economics of development, and structure of the world oil industry. "
Philip K Verleger, Jr., Institute for International Economics