Energy and Economic Growth

Why we need a new pathway to prosperity

Author: Timothy J. Foxon

Publisher: Routledge

ISBN: 1317210182

Category: Business & Economics

Page: 188

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Access to new sources of energy and their efficient conversion to provide useful work have been key drivers of economic growth since the industrial revolution. Western countries now need to transform their energy systems and move away from the single-minded pursuit of economic growth in order to reduce our carbon emissions, and to allow the environmental space for other countries to develop in a more sustainable way. Achieving this requires understanding of the dynamics of economic and industrial change with appreciation of the dependence of economies on ecological systems. Energy and Economic Growth thus examines the links between three issues: history of energy sources, technologies and uses; ecological challenges associated with the current dominant economic growth paradigm; and the future low carbon energy transition to mitigate human-induced climate change. Providing a historical understanding of the relevant connections between physical, social and economic changes, the book enables the reader to better understand the connection between their own energy use and global economic and environmental systems, and to be able to ask the right questions of our political and business leaders. This is a valuable resource for students, scholars and policy makers with an interest in energy, climate change and economic thinking.

Navigating on the Titanic

Economic Growth, Energy, and the Failure of Governance

Author: Bryne Purchase

Publisher: McGill-Queen's Press - MQUP

ISBN: 155339335X

Category: Political Science

Page: 250

View: 3581

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Navigating on the Titanic outlines the brief history of economic growth and the private and public institutions - markets, corporations, households, and governments - which underpin that growth. Bryne Purchase examines mega-risks related to our economy's use of fossil fuels and specifically looks at resource depletion, energy security, and climate change - all "mega-risks" because they are both global in scope and potentially existential in impact. Focusing on North America, with a particular emphasis on the United States, Purchase's central argument is that the institutions which have produced spectacular economic growth are not capable of acting with prudence to deal with these mega-risks before they become a real danger. He identifies certain institutional design flaws that, while underwriting economic growth, leave society open to potentially catastrophic failure and reveals how these design flaws have been compounded by the stresses of the growing income inequality in society.

The Economic Growth Engine

How Energy and Work Drive Material Prosperity

Author: Robert U. Ayres,Benjamin Warr

Publisher: Edward Elgar Publishing

ISBN: 1848445954

Category: Business & Economics

Page: 448

View: 8569

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It gives me great pleasure to review this important book. I recommend it highly to any physicist with an interest or curiosity about this economy thing within which we operate. . . There is no excuse not to get this invaluable volume onto your bookshelf. Simon Roberts, Institute of Physics Energy Group This book addresses a very important topic, namely economic growth analysis from the angle of energy and material flows. The treatment is well balanced in terms of research and interpretation of the broader literature. The book not only contains a variety of empirical indicators, statistical analyses and insights, but also offers an unusually complete and pluralistic view on theorizing about economic growth and technological change. This results in a number of refreshing perspectives on known ideas and literatures. The text is so attractively written that I found it very difficult to stop reading. All in all, this is a very original and important contribution to the everlasting debate on growth versus environment. Jeroen C.J.M. van den Bergh, University of Barcelona, Spain and Free University, Amsterdam, The Netherlands Would you want your great-grandchildren in 2100AD to have a 22nd-century industrial economy? If so, read this book to grasp how strongly wealth depends on energy and its efficient use. Start treating fossil energy not as continuing income, but as one-time energy capital to spend on efficiency and long-term sustainable energy production. Otherwise, your descendants will inherit a broken 20th-century economy that only worked with cheap fossil fuels. They will not be rich and they will wonder what their ancestors were thinking. John R. Mashey, PhD, former Chief Scientist, Silicon Graphics Current economic theory attributes most income growth to technical progress. However, since technical progress can neither be defined nor measured, no one really knows what policies will encourage income growth. Ayres and Warr show that access to useful work, which can be defined and measured, explain the bulk of post-1900 income changes in Japan, Britain and the USA. They see rising real prices for fossil fuel and stagnating efficiencies of converting raw energy into useful work as a threat to continued income growth. This brilliant and original work has profound policy implications for future income growth without significant improvements in energy conversion efficiency. Thomas Casten, Chairman, Recycled Energy Development LLC Following the up-and-down energy shock of 2008, Ayres and Warr offer a unique analysis critical to our economic future. They argue that useful work produced by energy and energy services is far more important to overall GDP growth than conventional economic theory assumes. Their new theory, based on extensive empirical and theoretical analysis, has important implications for economists, businessmen and policymakers for anybody concerned with our economic future. Ayres and Warr argue persuasively that economic growth is not only endogenous but has been driven for the past two centuries largely by the declining effective cost of energy. If their new theory is correct, the inevitable future rise of the real cost of energy (beyond the $147 oil price peak in July 2008), could halt economic growth in the US and other advanced countries unless we dramatically improve energy with technology. J. Paul Horne, independent international market economist The historic link between output (GDP) growth and employment has weakened. Since there is no quantitively verifiable economic theory to explain past growth, this unique book explores the fundamental relationship between thermodynamics (physical work) and economics. The authors take a realistic approach to explaining the relationship between technological progress, thermodynamic efficiency and economic growth. Their findings are a step toward the integration of neo-classical and evolutionary perspectives on endogenous economic growth, concluding in a fundam

Energy, Economic Growth, and Geopolitical Futures

Eight Long-Range Scenarios

Author: Evan Hillebrand,Stacy Closson

Publisher: MIT Press

ISBN: 0262028891

Category: Business & Economics

Page: 248

View: 3545

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Eight varied scenarios, integrating a quantitative model and qualitative analysis, that examine the interplay of three key drivers over the next four decades.

Energy Security and Sustainable Economic Growth in China

Author: S. Yao,Maria Jesus Herrerias Talamantes

Publisher: Springer

ISBN: 1137372052

Category: Business & Economics

Page: 338

View: 8527

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This book focuses on various issues of energy, energy efficiency and environmental policy in China. It discusses different aspects on how China may maintain its fast economic growth through good management of energy consumption and development of various energy sources.

Growth: Energy, the environment, and economic growth

Author: Dale Weldeau Jorgenson

Publisher: MIT Press

ISBN: 9780262100748

Category: Business & Economics

Page: 474

View: 3335

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Volume 1: Econometric General Equilibrium Modeling presents an econometric approach to general equilibrium modeling of the impact of economic policies. Earlier approaches were based on the "calibration" of general equilibrium models to a single data point. The obvious disadvantage of calibration is that it requires highly restrictive assumptions about technology and preferences, such as fixed input-output coefficients. These assumptions are contradicted by the massive evidence of energy conservation in response to higher world energy prices, beginning in 1973. The econometric approach to general equilibrium modeling successfully freed economic policy analysis from the straitjacket imposed by calibration. As a consequence of changes in energy prices and new environmental policies, a wealth of historical experience has accumulated over the past two decades. Interpreted within the framework of the neoclassical theory of economic growth, this experience provides essential guidelines for future policy formation. Volume 2: Energy, the Environment, and Economic Growth presents a new econometric general equilibrium model of the United States that captures the dynamic mechanisms underlying growth trends and responses to energy and environmental policies. Jorgenson uses the model to analyze the impacts of environmental regulations on US economic growth and tax policies for controlling US emissions of carbon dioxide.

Electricity in Economic Growth

Author: Committee on Electricity in Economic Growth,Energy Engineering Board,Commission on Engineering and Technical Systems,Division on Engineering and Physical Sciences,National Research Council

Publisher: National Academies Press

ISBN: 0309542553

Category: Business & Economics

Page: 152

View: 3501

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This volume surveys the complex relationships between economic activity and electricity use, showing how trends in the growth of electricity demand may be affected by changes in the economy, and examining the connection between the use of electrotechnologies and productivity. With a mix of historical perspective, technical analysis, and synthesis of econometric findings, the book brings together a summary of the work of leading national experts.

Energy, Economic Growth, and the Environment

Author: Sam H. Schurr

Publisher: Routledge

ISBN: 1135986096

Category: Business & Economics

Page: 232

View: 3023

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Authors with widely different perspectives consider two important social objectives: assuring future energy supplies and protecting the natural environment. Contributors include Kenneth Boulding, Glenn Seaborg, and Barry Commoner. Particularly useful to students and interested non-specialists. Originally published in 1972

Energy Security and Economic Development in India

a holistic approach

Author: Bala Bhaskar

Publisher: The Energy and Resources Institute (TERI)

ISBN: 8179934608

Category: Business & Economics

Page: 376

View: 2390

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Energy is fundamental to the economic development of a society. Ensuring energy security is critical to the security, sovereignty, and well-being of any country. However, there is no consensus on the definition of energy security. Energy Security and Economic Development in India: a holistic approach attempts to construct an appropriate definition for the concept of energy security. The evolution of energy security is traced at both the global level and in the Indian context. This book elaborates on the concept of energy security, highlights its linkages, enumerates India's indigenous energy resources, examines the status of energy security in the country, and makes policy suggestions to ensure energy security in the country.

The Economics and Econometrics of the Energy-Growth Nexus

Author: Angeliki Menegaki

Publisher: Academic Press

ISBN: 0128127473

Category: Business & Economics

Page: 402

View: 596

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The Economics and Econometrics of the Energy-Growth Nexus recognizes that research in the energy-growth nexus field is heterogeneous and controversial. To make studies in the field as comparable as possible, chapters cover aggregate energy and disaggregate energy consumption and single country and multiple country analysis. As a foundational resource that helps researchers answer fundamental questions about their energy-growth projects, it combines theory and practice to classify and summarize the literature and explain the econometrics of the energy-growth nexus. The book provides order and guidance, enabling researchers to feel confident that they are adhering to widely accepted assumptions and procedures. Provides guidance about selecting and implementing econometric tools and interpreting empirical findings Equips researchers to get clearer pictures of the most robust relationships between variables Covers up-to-date empirical and econometric methods Combines theory and practice to classify and summarize the literature and explain the econometrics of the energy-growth nexus

International Handbook on the Economics of Energy

Author: Lester C. Hunt,Joanne Evans

Publisher: Edward Elgar Publishing

ISBN: 1849801991

Category: Business & Economics

Page: 848

View: 4980

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As an essential component for economic growth, energy has a significant impact on the global economy. The need to meet growing energy demand has prompted cutting-edge innovation in clean technology in an attempt to realise environmental and cost objectives, whilst ensuring the security of energy supply. This Handbook offers a comprehensive review of the economics of energy, including contributions from a distinguished array of international specialists. It provides a thorough discussion of the major research issues in this topical field of economics. Themes addressed include the theory of energy supply, demand and policy, empirical modelling of energy demand, holistic energy models, an analysis of coal, gas, electricity, oil and the markets within which they operate, and a discussion of the current key energy policy issues. The topics of pricing, transmission, regulation, security, energy efficiency, new technologies and climate change are also discussed. The International Handbook on the Economics of Energy presents a comprehensive overview of the state-of-the-art research making it an indispensable reference for researchers, advanced students, practitioners and policy-makers alike.