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Energy and Economic Growth

Energy and Economic Growth. Rögnvaldur Hannesson Norwegian School of Economics Bergen. Does energy use grow faster or more slowly than GDP? Does it grow faster in poor than in rich countries ? Does it grow more slowly as countries get richer ?

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Energy and Economic Growth

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  1. Energy and Economic Growth Rögnvaldur Hannesson Norwegian School ofEconomics Bergen

  2. Doesenergyusegrow faster or more slowlythan GDP? Does it grow faster in poorthan in richcountries? Does it grow more slowly as countriesgetricher? Has energyusebeeninfluenced by higheroilprices?

  3. Data 1965-2012 GDP growthcalculated from World Bank data (2005 US$) Growth in energyusecalculated from BP Statistical Reviewof World Energy 43 countries, afterexcludingcountriesthat have merged or broken up, 48 years, 12 missingvalues for 3 countries.

  4. Graph for the US

  5. Twoimportantexceptions: China and India GDP grew faster thanuseofenergy

  6. Energy usetends to grow faster than GDP in poor and medium richcountries. Growth in thesecountrieswillrequire formidable increase in the useofenergy. Where is it going to come from? Unrealistic to expectmuchreducedroleof fossil fuels, unlesswe all sink back intopoverty.

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