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Macroeconomics of energy transition: two essays on the biophysical approach to economic growth
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This thesis explores the dynamics between energy expenditures, economic growth, and the biophysical constraints imposed by Energy Return on Investment (EROI) within the context of the ongoing energy transition. The main objective is to understand how these factors interact and influence each other, offering a comprehensive understanding of how energy efficiency and EROI impact the sustainability of economic growth. The analysis reveals that, to maintain positive economic growth, countries cannot spend more than 3.95% of their GDP on energy, which is associated with a minimum societal EROI of approximately 30:1. Moreover, Granger causality tests indicate a bidirectional relationship between energy expenditures and economic growth. The study suggests that economic policies focused on improving energy efficiency and transitioning to renewable energy sources with high EROI are crucial to ensuring sustainable economic growth in an environment marked by environmental challenges and energy price volatility. Keywords: economic growth; biophysical economics; eroi.
Title: Macroeconomics of energy transition: two essays on the biophysical approach to economic growth
Description:
This thesis explores the dynamics between energy expenditures, economic growth, and the biophysical constraints imposed by Energy Return on Investment (EROI) within the context of the ongoing energy transition.
The main objective is to understand how these factors interact and influence each other, offering a comprehensive understanding of how energy efficiency and EROI impact the sustainability of economic growth.
The analysis reveals that, to maintain positive economic growth, countries cannot spend more than 3.
95% of their GDP on energy, which is associated with a minimum societal EROI of approximately 30:1.
Moreover, Granger causality tests indicate a bidirectional relationship between energy expenditures and economic growth.
The study suggests that economic policies focused on improving energy efficiency and transitioning to renewable energy sources with high EROI are crucial to ensuring sustainable economic growth in an environment marked by environmental challenges and energy price volatility.
Keywords: economic growth; biophysical economics; eroi.
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