Abstract
There is no question that energy is an important ingredient in the development of any country. Unfortunately, the ability of less-developed countries to respond to the particular nuances of the energy market is not well understood. This paper endeavors to look at one aspect of this potential responsiveness in one country—Korea. After establishing an empirical relationship between the consumption of electrical energy in various industries and the prices of electrical energy, petroleum and coal, estimates of the magnitudes of the relationships are obtained. Finally, the stability of the estimated relationship is examined with the resultant suggestion that industrial demand for electricity was fairly stable during the decade of the 1970s.
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