Economic cost of mineral supply disruptions. Effects on a small, open economy

M. Shechter; Y. Glazer; H. J. Barnett

doi:10.1016/0301-4207(83)90004-1

Economic cost of mineral supply disruptions. Effects on a small, open economy

M. Shechter, Y. Glazer, H. J. Barnett

Department of Economics

Research output: Contribution to journal › Article › peer-review

Abstract

The potential impact of short-run disruptions in the minerals market on Israel's small, developed open economy is examined, showing that Israel is potentially capable of a smoother adjustment to external market disturbances. First, the analysis evaluates critical situations within the framework of a normative 'general equilibrium model', tracing the impacts of short-run developments in the resources market, and, second, it focuses on specific minerals within a partial equilibrium framework, using economic supply - demand relationships to assess economic damages. The potential damage estimates indicate that significant research and development outlays in the areas of material and process substitution and the capability for a quick build-up of contingent inventories would be justified to prevent the damages which supply disruption might inflict on the economy.

Original language	English
Pages (from-to)	275-287
Number of pages	13
Journal	Resources Policy
Volume	9
Issue number	4
DOIs	https://doi.org/10.1016/0301-4207(83)90004-1
State	Published - Dec 1983

Bibliographical note

Funding Information:
This paper is part of an extensive research project funded by the S. Neaman Institute for Advanced Studies in Science and Technology and the National Council for Research and Development, with Professor I. Lin and the first author as principal investigators. The authors wish to acknowledge the research assistance of Ft. Maayan and A. Breiner.

Keywords

Economics
Minerals
Supply disruptions

ASJC Scopus subject areas

Sociology and Political Science
Economics and Econometrics
Management, Monitoring, Policy and Law
Law

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10.1016/0301-4207(83)90004-1

Cite this

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abstract = "The potential impact of short-run disruptions in the minerals market on Israel's small, developed open economy is examined, showing that Israel is potentially capable of a smoother adjustment to external market disturbances. First, the analysis evaluates critical situations within the framework of a normative 'general equilibrium model', tracing the impacts of short-run developments in the resources market, and, second, it focuses on specific minerals within a partial equilibrium framework, using economic supply - demand relationships to assess economic damages. The potential damage estimates indicate that significant research and development outlays in the areas of material and process substitution and the capability for a quick build-up of contingent inventories would be justified to prevent the damages which supply disruption might inflict on the economy.",

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AB - The potential impact of short-run disruptions in the minerals market on Israel's small, developed open economy is examined, showing that Israel is potentially capable of a smoother adjustment to external market disturbances. First, the analysis evaluates critical situations within the framework of a normative 'general equilibrium model', tracing the impacts of short-run developments in the resources market, and, second, it focuses on specific minerals within a partial equilibrium framework, using economic supply - demand relationships to assess economic damages. The potential damage estimates indicate that significant research and development outlays in the areas of material and process substitution and the capability for a quick build-up of contingent inventories would be justified to prevent the damages which supply disruption might inflict on the economy.

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Economic cost of mineral supply disruptions. Effects on a small, open economy

Abstract

Bibliographical note

Keywords

ASJC Scopus subject areas

Access to Document

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