I will be giving a seminar at the School of Agricultural and Resource Economics at the University of Western Australia on Friday 21st September at 11:00am. The title and abstract are below. It will be an extended version of the presentation I recently gave at IAEE.
Title: Energy and Economic Growth: The Stylized Facts
Abstract: Nicholas Kaldor highlighted six "stylized" facts to summarize the patterns that economists had discovered in national income accounts and to shape the growth models being developed to explain them. Recently Charles Jones and Paul Romer (2010, American Economic Journal: Macro) introduced a set of "new Kaldor facts" for growth economics. This paper attempts to summarize what we know about energy and economic growth in a similar set of stylized facts and to explain the patterns we see in the data. Both empirical regularities in the cross-section across countries and over time in individual countries will be presented and discussed. Models of the role of energy in the economy need to be able to reproduce and account for these facts. Though some of the results presented will be familiar, others stand in contrast to patterns found in other studies and others have not been explored much previously. Differences are mainly due to whether traditional biomass is included or not or whether purchasing power parity adjusted or market exchange rates are used.
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