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This paper uses a panel threshold regression (PTR) model to investigate the influence that energy prices have on renewable energy development under different economic growth rate regimes. The empirical data are obtained from each of the OECD member-countries over the period from 1997 to 2006. We show that there is one threshold in the regression relationship, which is 4.13% of a one-period lag in the annual gross domestic product (GDP) growth rate. The consumer price index (CPI), in so far as it relates to variations in energy, is significantly positively correlated with the contribution of renewables to energy supply in the regime with higher-economic growth, but there is no relationship in the regime with lower...
As wind power development continues at a rapid pace in the United States, there is increasing interest in its economic impacts. Because good wind resources are typically far from electrical loads, wind power plants are often built in rural areas. The economic impacts that arise from building and operating a power plant can be significant but are often not considered by public utility commission processes. Although these impacts vary from state to state because of the differences in wind resource and state infrastructure, economic development from new wind provides important impacts from necessary power system expansion and should play a more prominent role in decision-making processes. This paper uses the National...
Categories: Publication; Types: Citation; Tags: Economic growth, energy, growth
Power generation using biomass could provide substantial environmental and socio-economic benefits. Production of the feedstocks to fuel biomass power plants can either add to potential environmental gains or contribute to the environmental problems which the agriculture and forestry industries already face. Likewise, the biomass energy infrastructure can help strengthen agricultural economies or speed the decline of rural communities. The purpose of this paper is to suggest a regional approach to ensure that energy crop production will proceed in an ecologically and economically sustainable way. At this juncture, we have the opportunity to build into the system some ecological and socio-economic values which have...
The mathematical conditions for the existence of macroeconomic production functions that are state functions of the economic system are pointed out. The output elasticities and the elasticities of substitution of energy-dependent Cobb-Douglas, CES and LinEx production functions are calculated. The output elasticities, which measure the productive powers of production factors and whose numerical values have been obtained for Germany, Japan, and the USA, are for energy much larger and for labor much smaller than the cost shares of these factors. Energy and its conversion into physical work accounts for most of the growth that mainstream economics attributes to “technological progress” and related concepts. It decisively...
Power generation using biomass could provide substantial environmental and socio-economic benefits. Production of the feedstocks to fuel biomass power plants can either add to potential environmental gains or contribute to the environmental problems which the agriculture and forestry industries already face. Likewise, the biomass energy infrastructure can help strengthen agricultural economies or speed the decline of rural communities. The purpose of this paper is to suggest a regional approach to ensure that energy crop production will proceed in an ecologically and economically sustainable way. At this juncture, we have the opportunity to build into the system some ecological and socio-economic values which have...
The mathematical conditions for the existence of macroeconomic production functions that are state functions of the economic system are pointed out. The output elasticities and the elasticities of substitution of energy-dependent Cobb-Douglas, CES and LinEx production functions are calculated. The output elasticities, which measure the productive powers of production factors and whose numerical values have been obtained for Germany, Japan, and the USA, are for energy much larger and for labor much smaller than the cost shares of these factors. Energy and its conversion into physical work accounts for most of the growth that mainstream economics attributes to “technological progress” and related concepts. It decisively...
This paper uses a panel threshold regression (PTR) model to investigate the influence that energy prices have on renewable energy development under different economic growth rate regimes. The empirical data are obtained from each of the OECD member-countries over the period from 1997 to 2006. We show that there is one threshold in the regression relationship, which is 4.13% of a one-period lag in the annual gross domestic product (GDP) growth rate. The consumer price index (CPI), in so far as it relates to variations in energy, is significantly positively correlated with the contribution of renewables to energy supply in the regime with higher-economic growth, but there is no relationship in the regime with lower...
The purpose of this study is to determine the direction causality between nuclear energy consumption and economic growth in OECD countries. The empirical model that includes capital and labor force as the control variables is estimated for the panel of fourteen OECD countries during the period 1980–2007. Apart from the previous studies in the nuclear energy consumption and economic growth relationship, this study utilizes the novel panel causality approach, which allows both cross-sectional dependency and heterogeneity across countries. The findings show that there is no causality between nuclear energy consumption and economic growth in eleven out of fourteen cases, supporting the neutrality hypothesis. As a sensitivity...
This study utilizes the Johansen cointegration technique, the Granger non-causality test of Toda and Yamamoto (1995), the generalized impulse response function, and the generalized forecast error variance decomposition to examine the dynamic interrelationship among nuclear energy consumption, real oil price, oil consumption, and real income in six highly industrialized countries for the period 1965–2008. Our empirical results indicate that the relationships between nuclear energy consumption and oil are as substitutes in the U.S. and Canada, while they are complementary in France, Japan, and the U.K. Second, the long-run income elasticity of nuclear energy is larger than one, indicating that nuclear energy is a...