A debate is being currently argued over by the energy economists and economists in general regarding the extent to which consumers understand exchange efficiencies of alternative technologies and act in accordance to their understanding and judgement regarding the same. Also, involved in the debate is the issue of the degree to which manufacturers are affected by the decisions and opinions of individual consumers and the extent to which conversion equipment producers respond to consumer preferences. In order to allow consumers to have a more complete understanding of the energy conversion technologies which they are making use of or will potentially make use of the policy of labelling has been made mandatory of concerned industries and manufacturers. These labels contain basic information on the machine or technology itself and examples of these can be found in cars which have stickers on them providing estimates of their Mpg under different driving cycles.
Similarly, energy use and other related performance data is provided on the labels on refrigerators. These also include their estimated annual electricity use and cost. Concerns regarding the efficient use of energy has led to adoption of energy efficiency standards for household equipment, such as refrigerators, under the belief that labelling is in adequate in motivating consumers to make optimal choices when it comes to household appliances, equipments or other such energy conversion technologies used in everyday life by consumers. To assure a stricter control over the efficiencies of conversion equipment some governments have imposed policies like corporate average fuel efficiency standards (CAFE) for automobiles. This legislation is an example of the government policies intended to ensure high conversion efficiencies and is based on the concern that it would be in the interest of car manufacturers to make their products less efficient.
Energy economics has till now found no space in the lives and minds of the common people, economics to people is just the raw figures of any country’s imports and exports which they find hard to relate with. Energy economics as a subject and a field of study has yet to reach the minds of the common people. Thus energy economics still is a subject of vast potential research and has not been explored much yet. Our team of writers are proficient in the subject and can help you with any problem which you might face in the subject, feel free to contact us for professional guidance and help in Energy economics