THE ROLE OF ENERGY ECONOMICS IN SUSTAINABLE DEVELOPMENT

Abstract: For a growing country, the most needed stimulus is energy. Without any access to adequate energy resources it is hard for a growing country to sustain economic development. Especially after the 1973 Oil Crisis, the importance of energy resources has been well understood. Most of the developed countries took measures to avoid the undesirable effects of reliance on these energy resources since then. This page of the history has contributed the most to the evolution of the modern day energy economics field. Thenceforth the developing and the developed world rang the changes to manage their energy policies effectively. Sustainable development on the other hand- most broadly- implies the effective use of resources aiming at development not just for present but also for future generations. As effective managing of the energy policy would entail reaping benefits in the long run, energy economics becomes a field with crucial role in sustainable development. Therefore, this paper promotes the effective use of energy resources for a growing country from both perspectives of energy economics and sustainable development