In economics, the term ‘energy’ was not acknowledged by Adam Smith (1723-1790), Malthus (1766-1834) and Ricardo (1722-1823). In the classical economic theories of growth, energy was not even a divergent input in production. But today, energy is not only a aspect necessary for the growth of production and productivity but it is also one of the aspect limiting world development. Development economists even consider energy as an index of economic development. Thus on the whole economic development of a nation, energy is crucial to guarantee ample and continued supply of commodities and services in each zones of the country. The Bible claims that energy in the form of light is God’s gift. It is the most basic of all natural resources without which the life of mankind is almost impossible. As Schumacher says, “There is no substitute for energy; the whole construction of modern life is built upon it. Although energy can be bought and sold like any other commodity, it is not ‘just another commodity, but the pre-condition of all commodities, a basic feature that is equal to water and earth”. Energy can exist in many forms and can be renewed from one form to another. In fact everything, which happens in the world, is the manifestation of flow of energy in one of its forms.

[1] Research Scholar. Post Graduate & Research Department of Economics (M.G University)

M.A College, Kothamangalam

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