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Is World Metal Consumption in Disarray?

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  • MoonJoong Tcha

    (Department of Economics, The University of Western Australia)

  • Gaku Takashina

Abstract

The consumption pattern of seven major metals - steel, aluminium, copper, lead, nickel, tin and zinc - has frequently violated the law of demand in the late 20th century. This paper examines the patters of the major metal consumption int he world and seven particular regions and analyzes the disarray of metals consumption. Divisia price-quantity covariance indexes report that the price and quantity consumed moved frequently int he same direction and the elasticity approach shows that the own-price elasticities are extremely small and insignificant, while income elasticities are signficant. However, considering the parameters that are crucial in detemrining the own-price elasticity, this paper concludes that the apparent disarray in metals consumption is not in fact real.

Suggested Citation

  • MoonJoong Tcha & Gaku Takashina, 2001. "Is World Metal Consumption in Disarray?," Economics Discussion / Working Papers 01-05, The University of Western Australia, Department of Economics.
    • Handle: RePEc:uwa:wpaper:01-05
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    References listed on IDEAS

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