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By James M. Griffin and Henry B. Steele (Auth.)

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Suppose national defense was supplied privately. Some might acquire handguns, others might hire bodyguards, but no one would have the resources to outfit an army capable of defending the country from external attack. 2(c), except that the private demand schedule D will lie very close to the price axis. This implies that the privately supplied quantity will be very small compared to Qs, the socially op­ timal production. ENERGY ECONOMICS AND POLICY Monopoly and Oligopoly Recall from the earlier discussion of Pareto optimality that perfect competition is also necessary to assure that the optimal combination of gasoline and air conditioning is produced.

Third, let us assume, as does the WAES Report, that new discoveries continue to be made and proved reserves are augmented by new re­ serves. If demand is constant from year to year, then as long as the existing reserves to production ratio is greater than minimal, there is no problem in regard to productive capacity. But if d e m a n d is increas­ ing at a certain rate, then reserve additions must be sufficient to keep the ratio of reserves to production above the m i n i m u m level for an indefinite time.

According to the WAES Report, not only is future oil production likely to be constrained, but other energy forms have only modest ex­ pansion possibilities, leaving a substantial shortage. With regard to natural gas supplies, the WAES Report suggests that the future supply picture is not favorable. Despite large reserves, transportation costs will probably remain too high to permit imported gas to replace de­ clining domestic gas reserves in the industrialized countries, except in those few cases where overland transport is economical.

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