Defining limits: Energy constrained economic growth |
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Authors: | Willem P. Nel Gerhardus van Zyl |
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Affiliation: | aDepartment of Economics and Econometrics, University of Johannesburg, Private Bag 40175, Cleveland 2022, South Africa |
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Abstract: | The historical and deductive merits for an explicit energy-based economic growth formulation are presented. Parameters in the formulation are successfully calibrated to empirical data and a range of forecasts is made for global economic growth potential to 2050, based on a plausible case of energy availability. The results demonstrate the vital importance of energy security and lead to the conclusion that the current socio-economic paradigm may not be sustainable. |
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Keywords: | Economic growth Energy Energy efficiency Decoupling Peak Oil |
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