The economics of energy security in the 21st century : resources, technology, society and market

Abstract

Energy is a prerequisite to engage in productive work to obtain reasonable outputs. As such, countries all over the world, no matter big or small in terms of land or population size, are constantly seeking to secure more energy resources for a sustainable future and continuous economic growth. As such, the issue of Energy Security do come into play. However, definitions regarding this concept varies widely according to current available literatures. This paper will first establish a definition of energy security based on the rising consensus of academics and policy makers alike. Next, the energy security of 13 countries would be quantitatively evaluated via well renowned 4’A’ framework with specifically chosen sub indicators,with past literatures as a basis of analysis. Comparisons will be made for both inter and intra country to rank respective countries performance for year 2000 to 2012. Panel data regression analysis would then be utilised to further complement the analysis so as to determine significant indicators relevant to the selected countries and can assist those countries to formulate policies to enhance individual Energy Security level.