The Impact of Renewable Energy Supply on Economic Growth and Productivity
The threat of the negative consequences of global warming makes the discussion about the relationship between economic growth, productivity, and increasing renewable energy involvement an important topic. Hence, the aim of this study is to analyze the impact of renewable energy and energy supply on...
| Main Authors: | , , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
MDPI AG
2022-06-01
|
| Series: | Energies |
| Subjects: | |
| Online Access: | https://www.mdpi.com/1996-1073/15/13/4808 |
| _version_ | 1797480159176032256 |
|---|---|
| author | Kamil Makieła Błażej Mazur Jakub Głowacki |
| author_facet | Kamil Makieła Błażej Mazur Jakub Głowacki |
| author_sort | Kamil Makieła |
| collection | DOAJ |
| description | The threat of the negative consequences of global warming makes the discussion about the relationship between economic growth, productivity, and increasing renewable energy involvement an important topic. Hence, the aim of this study is to analyze the impact of renewable energy and energy supply on economic growth and productivity at the national level using stochastic frontier analysis and the aggregate production function framework. In doing so, we analyzed a panel of annual data from 133 countries from 2008 to 2014. We apply a generalized stochastic frontier model, which allows us to differentiate between persistent and transient inefficiency, as well as individual effects. Our results indicate a threshold level in terms of a country’s development that needs to be obtained to benefit from increasing renewable energy involvement over time. However, if this threshold level is obtained, productivity gains are evident. We also found that the role of the energy supply in aggregate production is nontrivial. That is, its inclusion changes the relationship between key input factors (capital and labor) by decreasing their overall elasticities and increasing the observed economies of scale. |
| first_indexed | 2024-03-09T21:55:54Z |
| format | Article |
| id | doaj.art-8e09237f9a9f46fea203b3ab5431b94c |
| institution | Directory Open Access Journal |
| issn | 1996-1073 |
| language | English |
| last_indexed | 2024-03-09T21:55:54Z |
| publishDate | 2022-06-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | Energies |
| spelling | doaj.art-8e09237f9a9f46fea203b3ab5431b94c2023-11-23T19:57:40ZengMDPI AGEnergies1996-10732022-06-011513480810.3390/en15134808The Impact of Renewable Energy Supply on Economic Growth and ProductivityKamil Makieła0Błażej Mazur1Jakub Głowacki2Department of Econometrics and Operational Research, Cracow University of Economics, Rakowicka 27, 31-510 Krakow, PolandDepartment of Empirical Analyses of Economic Stability, Cracow University of Economics, Rakowicka 27, 31-510 Krakow, PolandDepartment of Public Economics, Cracow University of Economics, Rakowicka 27, 31-510 Krakow, PolandThe threat of the negative consequences of global warming makes the discussion about the relationship between economic growth, productivity, and increasing renewable energy involvement an important topic. Hence, the aim of this study is to analyze the impact of renewable energy and energy supply on economic growth and productivity at the national level using stochastic frontier analysis and the aggregate production function framework. In doing so, we analyzed a panel of annual data from 133 countries from 2008 to 2014. We apply a generalized stochastic frontier model, which allows us to differentiate between persistent and transient inefficiency, as well as individual effects. Our results indicate a threshold level in terms of a country’s development that needs to be obtained to benefit from increasing renewable energy involvement over time. However, if this threshold level is obtained, productivity gains are evident. We also found that the role of the energy supply in aggregate production is nontrivial. That is, its inclusion changes the relationship between key input factors (capital and labor) by decreasing their overall elasticities and increasing the observed economies of scale.https://www.mdpi.com/1996-1073/15/13/4808renewables energyeconomic growthproductivity |
| spellingShingle | Kamil Makieła Błażej Mazur Jakub Głowacki The Impact of Renewable Energy Supply on Economic Growth and Productivity Energies renewables energy economic growth productivity |
| title | The Impact of Renewable Energy Supply on Economic Growth and Productivity |
| title_full | The Impact of Renewable Energy Supply on Economic Growth and Productivity |
| title_fullStr | The Impact of Renewable Energy Supply on Economic Growth and Productivity |
| title_full_unstemmed | The Impact of Renewable Energy Supply on Economic Growth and Productivity |
| title_short | The Impact of Renewable Energy Supply on Economic Growth and Productivity |
| title_sort | impact of renewable energy supply on economic growth and productivity |
| topic | renewables energy economic growth productivity |
| url | https://www.mdpi.com/1996-1073/15/13/4808 |
| work_keys_str_mv | AT kamilmakieła theimpactofrenewableenergysupplyoneconomicgrowthandproductivity AT błazejmazur theimpactofrenewableenergysupplyoneconomicgrowthandproductivity AT jakubgłowacki theimpactofrenewableenergysupplyoneconomicgrowthandproductivity AT kamilmakieła impactofrenewableenergysupplyoneconomicgrowthandproductivity AT błazejmazur impactofrenewableenergysupplyoneconomicgrowthandproductivity AT jakubgłowacki impactofrenewableenergysupplyoneconomicgrowthandproductivity |