ABSTRACT
Augmentation of exhaustible resource models for these factors would, in effect, convert them to renewable resource models but perhaps analysis should move in this direction until the conditions assumed by exhaustible resource models are satisfied. A closely related theory used frequently over the past ten years has been the dominant producer competitive fringe theory. The most useful Economics 101 concepts proved to be simple supply/demand models, elasticity of demand, and substitution. The pleasant surprise of the past decade is that markets performed as rapidly as could be expected despite much counter productive tinkering by governments around the world--particularly Washington. The United States and Italy should be the only major industrialized countries to substantially increase oil imports over the next decade. Japanese growth rates will slow as heavy industrial production shifts to other Asian countries.
