productive energy use and economic growth energy physical and human capital relationships abstract ecological and biophysical economists and historians of economics consider that availability of energy inputs has played a key role in driving economic growth in industrialized and emerging economies nevertheless being very sensitive to structural characteristics or stages of economic development the strength of this link differs among countries this study analyzes the role of energy in economic growth from a geographical standpoint by estimating an aggregate translog production function with human and physical capital and productive energy use as production factors within a growth framework panel data of 38 major countries for the period from 1995 to 2007 were used the strength of the link between energy and growth is analyzed for the whole sample and the following relevant country groups oecd bric nafta east asian east european and eu15 countries obtained results show that the calculated productivity elasticities with respect to energy use are positive for all country groups bric countries have higher elasticities around 0 37 and eu15 countries have lower elasticities around 0 12 weak substitutability relationships between energy and capital are observed for all groups except for bric and east european countries which show complementarity relationships

brazilian energy efficiency and energy substitution a road to cleaner national energy system abstract recognizing the need to increase energy efficiency across various sectors of the economy the brazilian government through the national energy efficiency plan adopted in 2011 seeks to avoid 30 million tons of co2 emissions through a reduction in electricity consumption of about 10 by 2030 notwithstanding we believe that a complete realization of such initiative will be dependent on the level of substitutability between different production factors and fuel types using the translog production function method this paper first provides insight on the economic impact of both factor and fuel inputs in brazil most importantly we examine the possibility of substitution among capital labor petroleum and electricity the ridge regression technique was used to estimate the parameters after our data depicted the existence of multicollinearity our results show that capital and labor are positively linked to output however petroleum and electricity contribute negatively to economic output in brazil of which corruption is a plausible reason again all variable inputs are substitutes with their relative technological progress depicting features of convergence this implies that brazil can achieve a cleaner energy system without much challenges due to the possibility of switching from greenhouse gas ghg emitting petroleum to a cleaner energy electricity our findings also highlight the importance of policies that advance merger of enterprises and renewable energy use

marshall s scale economies using panel data this paper estimates plant level production functions for machinery and high tech industries that allow for scale externalities from other plants in the same industry locally and from the scale or diversity of local economic activity outside the own industry the paper finds that the count of other own industry plants representing a count of local information spillover sources has strong productivity effects in high tech but not machinery industries single plant firms both benefit more from and generate greater external benefits than corporate plants given their greater reliance on external environments on dynamic externalities high tech single plant firms benefit also from the scale of past own industry activity i find little evidence of economies from the diversity or scale of local economic activity outside the own industry

inter factor inter fuel substitution carbon intensity and energy related co2 reduction empirical evidence from china carbon dioxide co2 reduction which is the central issue in addressing global warming depends on the extent that clean energy can substitute for co2 emitting coal and non energy factors can substitute for energy factor the purposes of this paper are to empirically investigate inter factor inter fuel substitution in china and to evaluate the determinants of china s energy related carbon intensity as well as mitigation effects of carbon tax considering china s rapid increase in energy consumption and the slow adjustment in substitution the two stage estimation method and the dynamic error correction mechanism are employed in this study the empirical results suggest substitutability among different types of energy sources as well as substitutability among energy labor and capital the magnitude of cross price elasticities indicates that the substitutions are inelastic which limits the scope of the chinese government to implement substitution strategy aiming at energy conservation and environmental management china s carbon intensity declined during 1985 2012 most of which can be attributed to labor substitution and energy price increase however carbon intensive technology being embodied in china s capital investment energy consuming equipment has contributed to the increase in carbon intensity a carbon tax of rmb 50 tonne could reduce 332 9 million tonnes co2 emissions on the basis of 2012 in addition if ignoring the feedback between inter factor inter fuel substitutions co2 mitigation potential would be underestimated

estimates of inter fuel substitution possibilities in chinese chemical industry abstract the chemical sector is a key driver of china s remarkable growth record and accounts for about 10 of the country s gdp this has made the industry energy intensive and consequently a major contributor to greenhouse gas emissions ghg and other pollutants this study has attempted to investigate the potential for inter fuel substitution between coal oil natural gas and electricity in chinese chemical sector by employing a translog production and cost function ridge regression procedure was adopted to estimate the parameters of the function estimation results show that all energy inputs are substitutes in addition the study produces evidence that the significant role of coal in the chinese chemical fuel mix converges over time albeit slowly these results suggest that price based policies coupled with capital subsidy programs can be adopted to redirect technology use towards cleaner energy sources like electricity and natural gas hence retaining the ability to fuel the chemical sector while also mitigating ghg emissions notwithstanding one must understand that the extent to which substituting electricity for coal will be effective depends on the extent to which coal or oil is used in generating electricity the findings of this study provide general insights and underscore the importance of chinese government policies that focus on installed capacity of renewable electricity energy intensity targets as well as merger of enterprises

is there a turning point in the relationship between income and energy use and or carbon emissions abstract we analyze the effect of fuel mix model specification and the level of development on the presence and size of a turning point in the relationship between income and energy use and or carbon emissions the results indicate that fuel mix the specification for income and the level of economic development affect conclusions about whether there is a turning point in the relationship between economic activity and energy use and carbon emissions including fuel shares generally reduces the size of a turning point that is estimated from a panel that includes observations from both oecd and non oecd nations but this result varies according to the level of development for oecd nations there is limited support for a turning point in the relationship between income and per capita energy use and or carbon emissions for non oecd nations there is no turning point in the relationship between income and either energy use or carbon emissions instead the relationship is positive together the results indicate that forecasters and policy makers should not depend on a turning point in the relationship between income and energy use or carbon emissions to reduce either

energy consumption in the us reconsidered evidence across sources and economic sectors abstract this study analyzes the impact of gdp shocks in usa on primary energy consumption and the reverse impact in a comprehensive and novel framework distinguishing by economic sectors commercial industrial residential and transportation and energy source i e total fossil coal natural gas and petroleum nuclear and renewable hydroelectric geothermal and biomass for the period 1973 1 to 2015 2 to this end we apply granger causality analysis through the hatemi j 1 and toda and yamamoto 2 approaches from a time series perspective to evaluate the existence of asymmetries on this bidirectional relationship the empirical results suggest that the impact of gdp on primary energy consumption is heterogeneous and energy source specific and an asymmetric behavior appears among cycles moreover it seems clear that the us economy is highly dependent on petroleum energy consumption the renewable energy sources do not seem to show any relationshipsources seem to show no relationship with economic growth and finally our results suggest that energy consumption in the industrial sector is key to economic growth and is also very sensitive to negative economic shocks

the probable foundations of sustainabilism information energy and entropy based definition of capital homo sustainabiliticus and the need for a new gold abstract this conceptual interdisciplinary paper will start with an introduction to the new networked knowledge based global economy and the importance of intellectual and specifically human capital next an advanced definition of human and other forms of capital using information energy and entropy will be introduced this will be followed by a discussion of the premises framing the study of economics and will focus on the role of law in the economy afterwards the paper will suggest the addition of a new model of humans that should serve as the base for the concept of law the homo sustainabiliticus ensuing this discussion and consistent with the newly proposed definition of capital a proposal for a new currency new gold will be offered this proposal suggests viewing usable renewable energy knowledge and data as the most important assets for the 21st century and is seen as the building block for the new sustainabilistic economy

factors impacting investments in energy efficiency and clean technologies empirical evidence from slovenian manufacturing firms abstract promoting energy efficiency is one of the top priorities of the eu energy strategy manufacturing is identified there as one of the sectors holding the potential for substantial energy efficiency improvements this paper therefore examines factors impacting firms decisions to invest in energy efficiency and clean technologies drawing on the energy efficiency gap literature the impact of three groups of factors is analysed namely economic firm specific characteristics and market drivers organisational and regulatory employing probit and bivariate probit models on a panel data set for 848 slovenian manufacturing firms over 7 years 2005 2011 the paper finds that decisions to invest in energy efficiency and in clean technologies are impacted by similar yet not identical factors the following factors significantly increase the likelihood of both energy efficiency and clean technology investments share of energy costs market share and export orientation importantly other types of investments except for investments in the expansion of existing capacities do not crowd out energy efficiency or clean technology investments on the other hand foreign ownership and managers expectations of future demand only impact energy efficiency investments while clean technology investments are influenced by managers expectations of the future business condition of the firm further the economic and financial crisis reduces the likelihood of clean technology investments but not energy efficiency investments this is explained by the fact that investments in energy efficiency represent a cost effective solution for the firm the same argumentation can be used to explain why high energy costs also play an important role for investments in clean technology in addition the likelihood to invest is found to be importantly influenced by industry specific characteristics which captures the effect of industry differences in environmental regulation and other conditions the paper adds to the existing literature in three important ways it employs data on actual rather than intended investments it examines investment decisions over a number of years thereby allowing for an analysis of the impact of the recession on firms decisions and it examines relationships among different types of investments accounting for a potential crowding out effect based on the paper s findings it can be concluded that the energy efficiency gap is less likely to exist in large and well performing firms implying that policy measures should primarily target less energy intensive small and medium sized enterprises

energy substitution efficiency and the effects of carbon taxation evidence from china s building construction industry as buildings are constructed to be more energy efficient and environmental friendly the building construction industry which is a basic and leading industry of the national economy development has become one of the key sectors for energy conservation and emission reduction in china this paper aims at quantifying both inter factor and inter energy substitution for china s building construction industry and investigate the main driving forces behind energy efficiency changes as well as the co2 abatement effect of a uniform carbon tax in this sector the model is established employing provincial pooled data over 2003 2012 in china by regions hence results between different regions are compared the main findings indicate that i energy and non energy are substitutes whereas individual energy inputs are complementary in china s building construction industry the substitution effect varies across regions due to different factor endowments and marketization levels ii energy price increase and construction scale expansion leads to energy efficiency improvement while substitution and technology present negative influences on energy efficiency iii approximately 3 of the co2 emissions in china s building construction industry can be reduced by carbon taxation based on the integrated own and cross price elasticities of each energy

technical change inter factor and inter fuel substitution possibilities in pakistan a trans log production function approach abstract energy consumption in pakistan increased significantly over the last two decades primarily due to industrialization in order to meet the growing energy needs the government adopted short term policies by setting up thermal power projects which are more expensive both in terms of fiscal cost and environmental damages as compared to hydro power projects the former has exposed pakistan to international oil price shocks and environmental degradations this study therefore attempts to analyze technical change using trans log production function by employing non energy factors i e capital and labor and energy factors i e petroleum and natural gas to estimate elasticity of substitution the purpose of the study is to provide policy suggestions to the government on how to achieve high economic growth vis a vis improved energy security and environmental sustainability the results reveal that capital energy and labor energy are substitutes thereby suggesting the need for an increased focus on technological advancement and skilled employment generation to conserve energy and reduce co 2 emission a gradual elimination of energy subsidies which will make energy price reflects its true cost is required to further discourage increased energy consumption and promote capital intensive production methods a scenario analysis based on the elasticity of substitution between capital energy and petroleum gas shows the potential of energy conservation and emission mitigation the results further suggest the importance of a diversified energy supply mix characterized by abundant hydro and other renewable energy resources alongside natural gas

china s energy economy technical change factor demand and interfactor interfuel substitution with its rapid economic growth china s primary energy consumption has exceeded domestic energy production since 1994 leading to a substantial expansion in energy imports particularly of oil china s energy demand has an increasingly significant impact on global energy markets in this paper allen partial elasticities of factor and energy substitution and price elasticities of energy demand are calculated for china using a two stage translog cost function approach the results suggest that energy is substitutable with both capital and labor coal is significantly substitutable with electricity and complementary with diesel while gasoline and electricity are substitutable with diesel china s energy intensity is increasing during the study period 1995 2004 and the major driver appears to be due to the increased use of energyintensive technology

an evaluation of competitive industrial structure and regional manufacturing employment change drucker j an evaluation of competitive industrial structure and regional manufacturing employment change regional studies this paper examines the relationship between regional industrial structure and employment change in the manufacturing sector and nineteen subsectors in the united states from 1987 to 1997 the relative associations of economic diversity industrial specialization and competitive structure with economic performance are assessed using a non causal regression framework multiple facets of industrial structure at the regional scale including competitive structure are considered together by exploiting confidential microdata to construct and evaluate detailed metrics across broad geographic and industrial ranges the findings suggest the importance of industrial competitive structure for understanding regional employment change economic performance and industrial development

an assessment of how well we account for intangibles estimates of intangible capital stock are of prime importance for accurate measurement of productivity growth aggregate intangible capital stock is usually estimated using the so called corrado hulten sichel chs new growth accounting framework yet this framework has not received much academic scrutiny to date this article proposes a validity test of two intangible investment series in the chs framework namely brand equity and architectural and engineering designs the test involves assessing the extent to which these intangible investment series explain the demand for trademarks and design rights the econometric analysis is performed on an unbalanced panel of 32 countries from 1980 to 2010 the results suggest that brand equity investment is a powerful predictor of trademark applications however investment in design activity is not correlated with the count of design rights which i take as evidence that current methodologies do not account well for design activities

energy substitution effect on transport sector of pakistan based on trans log production function abstract transport sector because of the growing industrialization and urbanization of pakistan is one of fastest growing sector in terms of output energy consumption and co 2 emission its current performance and future outlook has the potential to leave behind problems related to the global issues of energy security and environmental sustainability the extents to which energy and non energy inputs are substitutable are the core issue in planning and designing of energy policies for this purpose we establish a trans log production function for pakistan transport sector and the input factors capital labor and energy are included output elasticities of each factor and the substitution elasticities between these factors have been estimated and analyzed for the sample period of 1980 2013 the results show higher output elasticity and that all pairs of factor inputs are substitutes because of the higher level of substitution elasticities the results suggest that by allocating more capital in the transport sector the relevant energy saving technology could be promoted thereby realizing the substitution between capital and energy and reduction of co 2 emission as a result it further suggest that by continuous upgrading of the capital substitution between energy and labor can also be achieved and the transition of pakistan transport sector from labor intensive to capital intensive can be realized

causality between energy consumption and output growth in the indian cement industry an application of the panel vector error correction model vecm abstract the aim of this paper is to examine the existence and direction of the causal relationship between energy consumption and output growth in the indian cement industry for the period 1979 80 to 2004 05 the most recently developed panel unit root a heterogeneous panel cointegration and panel based error correction model is applied within a multivariate framework the empirical results confirm a positive long run cointegrated relationship between output and energy consumption when heterogeneous state effects are taken into account we also found a long run bi directional relationship between energy consumption and output growth in the indian cement industry for the study period implying that an increase in energy consumption directly affects the growth of this sector and that growth stimulates further energy consumption these empirical findings imply that energy consumption and output are jointly determined and affect each other the empirical evidence also suggests the implementation of energy conservation policies oriented toward improving energy use efficiency to avoid any negative impacts of the conservation policies on the growth of this industry

disaggregated industrial energy consumption and gdp the case of shanghai 1952 1999 abstract this paper investigates the causal relationship between various kinds of industrial energy consumption and gdp in shanghai for the period 1952 1999 using a modified version of the granger 1969 causality test proposed by toda and yamamoto j econ 66 1995 225 the empirical evidence from disaggregated energy series seems to suggest that there was a uni directional granger causality running from coal coke electricity and total energy consumption to real gdp but no granger causality running in any direction between oil consumption and real gdp

the spatial evolution of the british automobile industry does location matter this article aims to describe and explain the spatial evolution of the automobile sector in great britain from an evolutionary perspective this analysis is based on a unique database of all entries and exits in this sector during the period 1895 1968 collected by the authors cox regressions show that spinoff dynamics agglomeration economies and time of entry have had a significant effect on the survival rate of automobile firms during the period 1895 1968

what are the most promising conduits for foreign knowledge inflows innovation networks in the chinese pharmaceutical industry we study innovation networks in emerging markets where foreign actors have been identified as key sources of knowledge spillovers as well as progenitors of industry clusters focusing on connectivity as a channel for international knowledge sourcing we widen our lens beyond mnes to include critical innovative actors such as research institutions i e universities and research centers we examine the geographic dispersion of co inventor networks generated by us patents associated with the chinese pharmaceutical industry previous research has highlighted the role of organizationally driven mne networks as enablers of foreign knowledge inflows to less developed countries however our results emphasize the critical role of individually motivated networks arising from advanced economy research institutions in connecting china to global knowledge networks

intangible capital and the rise in wage and hours volatility in a standard real business cycle model extended to include intangible capital ic i show that a rise in the income share of ic in the production function in line with data can account for a significant share of the increase in real wage volatility both absolute and relative to income and labor input volatility relative to income observed in the u s since the mid 1980 s even as volatility of output declined intangible capital accumulates stochastically and similar to final goods requires physical capital intangible capital and labor to produce under these conditions an increase in the share of ic in production increases the propagation of the ic specific shock which raises absolute and relative wage and labor input volatility the higher propagation of the ic shock also accounts for the large decline in the pro cyclicality of labor productivity relative to both output and labor observed during this period

why have measures of earnings quality changed over time the properties of earnings have changed dramatically over the past 40 years prior studies interpret this trend as a decline in earnings quality but disagree on whether it results from changes in the real economy or changes in accounting standards i find that each new cohort of listed firms exhibits lower earnings quality than its predecessors mainly because of higher intangible intensity i conclude that the trend of decline in earnings quality is due more to changes in the sample of firms than to changes in generally accepted accounting principles gaap or in the earnings quality of previously listed firms

time to change your investment model we demonstrate empirically that the gains from predicting corporate earnings or consensus hits and misses an activity at the core of most investment methodologies have been shrinking fast over the past 30 years we identify the main reasons for this loss of earnings relevance and propose an improved alternative to current investment methodologies one that focuses on the strategic assets of the enterprise and their contribution to maintaining the company s competitive edge we demonstrate this investment methodology using subscription based companies

industry level production functions and energy use in 12 eu countries abstract in the eu context industrial sectors have significantly reduced their energy consumption in the last decade despite significant disparities existing across industry branches comparative studies focused on the effect of energy use in the production growth of the different industry branches are limited and not related to the eu countries this study undertakes a production growth approach to analyze the effect of energy use in different industry branches through the estimation of translog production functions based on data from 12 eu countries during the 2000 2014 period in addition two sub periods are studied to evaluate if industrial energy efficiency has been improving through time specifically from 2007 findings confirm the existence of different behavior patterns with respect to energy use in the considered sectors and from one sub period to another as a result policy measures should be sector specific since no general production energy use patterns can be obtained

gdp and environment pressure the role of energy in latin america and the caribbean abstract this paper analyzes the relationship between economic growth and energy consumption for a sample of 21 latin american and caribbean countries during the 1970 2007 period the investigation is made on the bases of the energy environmental kuznets curve eekc hypothesis using a panel data analysis energy consumption at aggregate level is used as an indicator of human environmental pressure and gdp per capita as an indicator of economic activity based in a cointegration approach our results does not support the existence of a stable long run relationship between the series rejecting the validity of such hypothesis for the selected sample over the 1970 2007 period

electricity consumption and economic growth a cross country analysis abstract electricity has been the foundation of economic growth and constitutes one of the vital infra structural inputs in socio economic development the world faces a surge in demand for electricity that is driven by such powerful forces as population growth extensive urbanization industrialization and the rise in the standard of living this paper attempts to ascertain whether there is a systematic relationship between electricity consumption and economic growth to this end we use a large set of data that spans 88 countries during the period 1975 2004 a statistically significant inverted u shaped relationship between per capita consumption of electricity and per capita income is detected nevertheless by using a purchasing power parity that is much higher than the per capita income of all the countries in the world the level of per capita income is estimated at the peak point of per capita electricity consumption to be 61 379 in 2000 constant international dollars moreover we segment the sample into organization for economic cooperation and development oecd countries and non oecd countries and separately analyze the developed and developing countries the separate estimation shows that even though the peak income is higher than the average per capita income a statistically significant inverted u shaped relationship is found in oecd and developed countries but not in non oecd and developing countries

how does the implementation of the policy of electricity substitution influence green economic growth in china abstract to promote the level of electrification reduce environmental pollution and achieve the goal of clean energy usage and green economic growth in china the national development and reform commission and other eight departments jointly issued and implemented the policy of electricity substitution in 2016 electricity substitution aims to replace traditional fossil fuels such as coal and fuel oil with clean electric energy in different fields e g industry transportation and construction and deal with the pollutants at power generation however we still need to find out the exact impact of the policy of electricity substitution on energy saving and emission reduction in this paper we estimate the economically feasible increment of electricity demand according to different classifications in electricity substitution technology furthermore based on the input output model we discuss the relative influence of the policy of lectricity substitution the main conclusions are first the policy of electricity substitution alone is not adequate to reduce the dependence on fossil energy and environmental pollution under china s current power generation structure we should also increase the use of renewable energy second the power sector plays a leading role in stimulating economic output and the increasing electricity consumption due to the policy of electricity substitution can boost the green development of china s economy

an international literature survey on energy economic growth nexus evidence from country specific studies in this paper an extensive review of the rapidly growing in the literature on the nexus between economic growth and four types of energy consumption total energy consumption electricity consumption nuclear consumption and renewable consumption the various hypotheses associated with the causal interaction between these variables along with a survey of the empirical literature are also discussed the survey focuses on country coverage periods modeling techniques and empirical conclusions a general observation from these studies that results are found to be sensitive to methodology and type of energy considered the empirical results for the specific countries surveyed show that i for energy consumption growth nexus 29 supported the growth hypothesis 27 the feedback hypothesis 23 the conservation hypothesis and 21 the neutrality hypothesis ii for the electricity consumption growth nexus 40 supported the growth hypothesis 33 the feedback hypothesis and 27 conservation hypothesis iii for the nuclear consumption growth nexus 60 supported the neutrality hypothesis and 40 the growth hypothesis and iv for the renewable consumption growth nexus 40 supported the neutrality hypothesis 40 the conservation hypothesis and 20 the growth hypothesis these mixed results may be attributed to the different used data selected variables and econometric approaches undertaken

literature survey on the relationships between energy environment and economic growth abstract the aim of this study is to exhibit an exhaustive survey which is related to the great flight of the literature of energy environment growth nexus at the individual and regional scale studies covering the period from 1978 to 2014 the survey takes into consideration the sample country region etc periods covering econometric strategies and conclusions our survey is based on the causality direction among i the energy use variables electricity nuclear renewable and non renewable and output growth ii between economic growth and environment and between the three variables at the same time globally these surveys provide paradoxical and not conclusive results which energy consumption can boost economic growth through the productivity enhancement and it can boost also the environmental damages through the enhancement of pollutant emissions our survey sheds more the lights on the energy environment growth literature by giving an extensive listing 1978 2014 of these causal linkages among the energy use variables environment and economic growth for both individual and collective cases there is a unanimous consensus about the importance of dealing with such dynamic relationship which is seems to be a cornerstone element in setting any ambition strategies energy ecological and economics

energy intensity and firm growth abstract using micro level data we attempt to identify the causal relationship between improvement decline in energy intensity and firm growth in six countries namely france germany japan korea the u k and the u s and 21 manufacturing industries during the period 1991 to 2005 we run a panel regression of firm growth using the inverse of a country and industry specific relative energy intensity rei measure with the corresponding industrial sector in the reference case the u s industry in addition to the inverse of the traditional energy intensity measure ei after controlling several firm industry and country variables we find that ei and rei may have somewhat different impacts on firm growth in terms of profits and capital accumulation when we control the heterogeneity in industrial dependence on energy firm profits in the industry club with lower rei grow faster than the six country average compared to the six country case we find that the efficient use of energy inputs has made a smaller contribution to firm growth in korea

cash holdings and labor heterogeneity the role of skilled labor firms differ in their dependence on skilled labor and face labor adjustment costs that increase with their workers skill level we show that firms with a higher share of skilled workers and thus less flexibility to adjust their labor demand in response to cash flow shocks hold more precautionary cash the effect of labor skills on cash holdings is more pronounced for financially constrained firms and varies with exogenous differences in firing and hiring costs we address endogeneity concerns by using subsamples of firms with reasonably similar characteristics propensity score matching and a quasi experimental shock to labor markets

tracing the sources of local external economies in a cross sectional establishment level analysis using confidential secondary data the paper evaluates the influence of commonly postulated sources of localised external economies supplier access labour pools and knowledge spillovers on the productivity of two us manufacturing sectors farm and garden machinery and measuring and controlling devices measures incorporating different distance decay specifications provide evidence of the spatial extent of the various externality sources chinitz s 1961 hypothesis of the link between local industrial organisation and agglomeration economies is also investigated the results show evidence of labour pooling economies and university linked knowledge spillovers in the case of the higher technology measuring and controlling devices sector while access to input supplies and location near centres of applied innovation positively influences efficiency in the farm and garden machinery industry both sectors benefit from proximity to producer services although primarily at a regional rather than a highly localised scale

managerial attention and worker performance we present a novel theory of the employment relationship a manager can invest in attention technology to recognize good worker performance the technology may break and is costly to replace we show that as time passes without recognition the worker s belief about the manager s technology worsens and his effort declines the manager responds by investing but this investment is insufficient to stop the decline in effort and eventually becomes decreasing the relationship therefore continues deteriorating and a return to high performance becomes increasingly unlikely these deteriorating dynamics do not arise when recognition is of bad performance or independent of effort

how do you measure a technological revolution it is hardly news that we are in the midst of rapid economic change the advances in infor mation and communication technology ict in the life and other sciences and their profusion of innovative products from the newest electronic devices to the latest drugs and treatments are ample evidence equally pervasive are new busi ness models in services big box retail online banking on demand media and the explosion in social networking and new business practices ushered in by the internet telework virtual meetings job boards given the magnitude of the changes brought on by these innovations it is useful to step back and ask what does eco nomic analysis have to say about the sources and mechanisms of these shifts and revolutions and what economic metrics are available to measure their overall size and impact the received theory of economic growth is the natural candidate for this job it came of age in the 1950s and 1960s with the neoclassi cal models and emergence of aggregate growth accounting the latter has become the work horse of empirical macroeconomic growth analysis and the basis for official productiv ity statistics put out by the bureau of labor statistics bls since 1983 a technological revolution appears in this framework as an increase in the fruits of innovation as measured by the shift in an aggregate production function termed multifactor productivity or mfp and possibly as an increase in the aggregate saving rate as reflected in an increased rate of capital formation mfp is an exogenous phenomenon

the relationship between disaggregate energy consumption and industrial production in the united states an ardl approach abstract we re examine the relationship between disaggregate energy consumption and industrial output as well as employment in the united states using the autoregressive distributed lag ardl approach developed by pesaran and pesaran pesaran m h pesaran b 1997 working with microfit 4 0 camfit data ltd cambridge and pesaran shin and smith pesaran m h shin y smith r j 2001 bounds testing approaches to the analysis of level relationships journal of applied econometrics 16 289 326 in particular we focus attention on the following energy consumption variables coal fossil fuels conventional hydroelectric power solar energy wind energy natural gas wood and waste the sample period covers 2001 1 2005 6 our results imply that real output and employment are long run forcing variables for nearly all measures of disaggregate energy consumption

energy consumption and income a semiparametric panel data analysis this paper proposes a semiparametric analysis for the study of the relationship between energy consumption per capita and income per capita for an international panel dataset it shows little evidence for the existence of an environmental kuznets curve for energy consumption energy consumption increases with income for a majority of countries and then stabilizes for very high income countries neither changes in energy structure nor macroeconomic cycle technological change have significant effect on energy consumption

a literature survey on energy growth nexus abstract this paper provides a survey of the recent progress in the literature of energy consumption economic growth and electricity consumption economic growth causality nexus the survey highlights that most empirical studies focus on either testing the role of energy electricity in stimulating economic growth or examining the direction of causality between these two variables although the positive role of energy on growth has become a stylized fact there are some methodological reservations about the results from these empirical studies a general observation from these studies is that the literature produced conflicting results and there is no consensus neither on the existence nor on the direction of causality between energy consumption electricity consumption and economic growth as a policy implication to avoid from conflicting and unreliable results the authors may use the autoregressive distributed lags bounds test two regime threshold co integration models panel data approach and multivariate models including new variables such as real gross fixed capital formation labor force carbon dioxide emissions population exchange rates interest rates etc thus the authors should focus more on the new approaches and perspectives rather than by employing usual methods based on a set of common variables for different countries and different intervals of time

spatial externalities relatedness and sector employment growth in great britain bishop p and gripaios p spatial externalities relatedness and sector employment growth in great britain regional studies this paper examines the impact of externalities on employment growth in sub regions of great britain by estimating ordinary least squares ols and maximum likelihood spatial models at the two digit level for 23 sectors issues arising from relatedness sector differences competition cross boundary spillovers and spatial autocorrelation are explicitly addressed results indicate that specialization has a generally negative impact on growth whilst the impact of diversity is heterogeneous across sectors and strong local competition has a typically positive impact the results question the merits of policies primarily aimed at promoting regional specialization and suggest that diversity local competition and sector heterogeneity are important policy issues bishop p et gripaios p les effets externes geographiques la connectivite et la croissance de l emploi sectoriel en grand

disaggregate energy consumption and industrial production in south africa abstract this paper tries to assess the relationship between disaggregate energy consumption and industrial output in south africa by undertaking a cointegration analysis using annual data from 1980 to 2005 we also investigate the causal relationships between the various disaggregate forms of energy consumption and industrial production our results imply that industrial production and employment are long run forcing variables for electricity consumption applying the toda h y yamamoto t 1995 statistical inference in vector autoregressions with possibly integrated processes journal of econometrics 66 225 250 technique to granger causality we find bi directional causality between oil consumption and industrial production for the other forms of energy consumption there is evidence in support of the energy neutrality hypothesis there is also evidence of causality between employment and electricity consumption as well as coal consumption causing employment