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Analysis of the Determinants of Electricity Demand in Libya - Research Proposal Example

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The paper "Analysis of the Determinants of Electricity Demand in Libya" examines the factors affecting the demand for electricity in Libya during the period (1980-2010) focusing on the use of ordinary least square techniques in constructing the empirical model of the demand function for electricity…
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Analysis of the Determinants of Electricity Demand in Libya
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Download file to see previous pages One dominating theme in economic theory is that the economy is always in equilibrium or moves towards an equilibrium. Although there are several economic perspectives that attempt to contradict the dominant theme, the theory of an economy at equilibrium or moving towards equilibrium continues to be the main conventional perspective in economics. Assuming, that equilibrium indeed prevails or that the economy always moves towards equilibrium, we can argue therefore that the demand function can suffice in estimating the consumption of electricity. In any case, even if the economy fails to move or be in equilibrium, the demand function remains useful in determining society’s needs for electricity. While as per one construction of the Say’s Law in that supply does not create its own demand, assessing demand remains important as societies and economies exist precisely to satisfy human wants. Thus, estimation of demand is extremely important. Further, estimating the parameters of the demand function for electricity has a practical relevance. It will allow policy makers or business to anticipate the need for power plants in Libya. The Libyan government will find the concern relevant because it will allow them to anticipate needs even before awareness of the needs emerge. The business sector is also concerned with Libya’s electricity needs because it is both a source of opportunities and it plays a role in enhancing the viability of the Libyan business sector (Libya Energy Report, 2003). In at least one time, the US Commercial Service has recognized the business potential of Libya (US Commercial Service 2006, p. 43). From the standpoint of theory development, determining a valid or non-spurious demand function for electricity will allow us to define the key variables influencing demand for electricity in Libya. ...Download file to see next pagesRead More
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