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

View: 2022

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.

The Economics and Econometrics of the Energy-Growth Nexus

Author: Angeliki Menegaki

Publisher: Academic Press

ISBN: 0128127473

Category: Business & Economics

Page: 402

View: 3722

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

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: 1049

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 and Economic Growth in the United States

Author: Edward Allen

Publisher: MIT Press (MA)

ISBN: 9780262511520

Category: Nature

Page: 240

View: 5872

Instead of relying on the usual price elasticity technique, this book combines economic and engineering analysis to study economic growth and energy demands to the year 2000. It asserts that future energy demand will be determined by two basic factors--the gross national product (GNP) and the efficiency with which energy is used to produce this output in the household, commercial, industrial, and transport sectors of the economy.Labor hours multiplied by a productivity factor results in the GNP. This study predicts that, in the long run, productivity in the United States will recover most of the sharp losses registered in the past five years. The study points out the decelerating population growth, the higher number of women in the labor force, and new investments as having an influence on this situation.After projecting the size and composition of each of the four energy consuming sectors that account for the total GNP. Energy and Economic Growth estimates efficiency improvements for each. It shows, for example, that higher levels of thermal insulation will reduce sharply energy needs for household heating and cooling. Similarly, the study notes that improvements in energy consumption per dollar of output can be made for each of the energy intensive manufacturing industries, nothing that although the savings in energy are significant, none is a consequence of pushing improvements to known technological limits. Finally, the book establishes the price elasticities that are inherent in the calculated energy requirements and checks these against elasticity estimates made by other researchers.

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: 6665

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

Economic Growth, Energy Consumption and CO2 Emissions in Sweden, 1800-2000

Author: Astrid Kander

Publisher: N.A

ISBN: 9789122019732

Category: Business & Economics

Page: 266

View: 5156

The PhD dissertation discusses large transformations of technologies have occurred in the Swedish economy during the last two centuries, resulting in higher income, better quality of products and changing composition of GDP. An agrarian society has given way to an industrial society and lately to a post-industrial phase. The energy supply systems have changed, from traditional energy carriers, such as firewood and muscle energy to modern carriers like coal, oil and electricity, with effects on CO2 emissions. Not only has the energy supply gone through fundamental changes, but also forest management, which affects the net emissions of CO2. The interrelations of growth, energy and CO2 are analyzed in this thesis, which uses standard calculations

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: 8980

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.

Electricity in Economic Growth

Author: N.A

Publisher: National Academies


Category: Law

Page: 165

View: 5018

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 in Australia

Peak Oil, Solar Power, and Asia’s Economic Growth

Author: Graham Palmer

Publisher: Springer Science & Business Media

ISBN: 3319029401

Category: Science

Page: 91

View: 5625

With rapidly declining costs and seemingly unlimited sunshine, the choice of solar in Australia seems obvious. Yet despite its many advantages, homes with solar remain completely dependent on the electricity grid for reliable supply, which in Australia implies mostly coal-fired generation. Indeed, even countries that have invested heavily in solar, such as Spain and Germany, have been unable to deflect the trajectory of fossil fuel dependence. The reasons for this apparent paradox are varied, and this book provides a deeper and more nuanced understanding of the practical applications of photovoltaics (PV) in modern electricity systems. While the conventional life-cycle assessment (LCA) boundaries as prescribed by the IEA-PVPS provide a consistent methodology for comparing evolving PV technologies, the narrow boundaries exclude many critical downstream energy costs. Similarly, simple cost comparisons of PV versus conventional power sources overlook the significant economic and energy costs of intermittency and grid integration. Yet distributed storage, which could provide potentially valuable network support, is frequently given a low priority by advocates of solar. Treating PV as an extension of, rather than as a substitute for, the fossil fuel enterprise enables a more productive discussion of PV’s potential role in electricity generation. The sunburnt country of Australia, which has a modern electricity system, is an ideal case study for exploring the potential of solar PV. With a focus on rooftop solar, energy storage, grid integration, and electricity system issues, Energy in Australia offers valuable insights into the practical challenges of solar power. Although many national economies are already confronting a downward trend in energy return on investment (EROI) of oil and gas from both conventional and unconventional sources, the large-scale deployment of low-emission energy sources that lie below a critical minimum EROI threshold may ultimately prove counter-productive.

Energy and the Wealth of Nations

Understanding the Biophysical Economy

Author: Charles Hall,Kent Klitgaard

Publisher: Springer Science & Business Media

ISBN: 9781441993984

Category: Business & Economics

Page: 407

View: 596

For the past 150 years, economics has been treated as a social science in which economies are modeled as a circular flow of income between producers and consumers. In this “perpetual motion” of interactions between firms that produce and households that consume, little or no accounting is given of the flow of energy and materials from the environment and back again. In the standard economic model, energy and matter are completely recycled in these transactions, and economic activity is seemingly exempt from the Second Law of Thermodynamics. As we enter the second half of the age of oil, and as energy supplies and the environmental impacts of energy production and consumption become major issues on the world stage, this exemption appears illusory at best. In Energy and the Wealth of Nations, concepts such as energy return on investment (EROI) provide powerful insights into the real balance sheets that drive our “petroleum economy.” Hall and Klitgaard explore the relation between energy and the wealth explosion of the 20th century, the failure of markets to recognize or efficiently allocate diminishing resources, the economic consequences of peak oil, the EROI for finding and exploiting new oil fields, and whether alternative energy technologies such as wind and solar power meet the minimum EROI requirements needed to run our society as we know it. This book is an essential read for all scientists and economists who have recognized the urgent need for a more scientific, unified approach to economics in an energy-constrained world, and serves as an ideal teaching text for the growing number of courses, such as the authors’ own, on the role of energy in society.

Peak Oil, Climate Change, and the Limits to China’s Economic Growth

Author: Minqi Li

Publisher: Routledge

ISBN: 1317820312

Category: Business & Economics

Page: 192

View: 7166

This book studies the limits imposed by the depletion of fossil fuels and the requirements of climate stabilization on economic growth with a focus on China. The book intends to examine the potentials of various energy resources, including oil, natural gas, coal, nuclear, wind, solar, and other renewables, as well as energy efficiency. Unlike many other books on the subject, this book intends to argue that, despite the large potentials of renewable energies and energy efficiency, economic growth eventually will have to be brought to an end as China and the world undertake the transition from fossil fuels to renewable energies. China has overtaken the US to become the world’s largest energy consumer and greenhouse gas emitter. Their energy consumption is dominated by coal and China now accounts for one quarter of the world’s total carbon dioxide emissions. Moreover, China is set to become the world’s largest oil importer in the next decade. This book will consider energy development in the broader context of economic and social changes, especially the historical dynamics of the capitalist world system. Historical lessons of capitalism and socialism will be discussed. The book will evaluate the implications of ecological limits to growth on the economic system and argue that the existing capitalist system is fundamentally incompatible with ecological sustainability.

Energy and the English Industrial Revolution

Author: E. A. Wrigley

Publisher: Cambridge University Press

ISBN: 0521766931

Category: Business & Economics

Page: 272

View: 4482

Explains how new sources of energy increased productivity, thereby transforming industry and changing England permanently and fundamentally.

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: 7531

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.