Human capital and energy consumption: Evidence from OECD countries |
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| Affiliation: | 1. School of Business, Singapore University of Social Sciences, Singapore;2. International Business School Suzhou, Xi''an Jiaotong-Liverpool University, Suzhou, China;1. Carrera de Economía and Centro de Investigaciones Sociales y Económicas, Universidad Nacional de Loja, Loja, Ecuador;1. Economic Analysis Department, Facultad de CC. Económicas y Empresariales, University of Seville, Ramon y Cajal 1, 41018 Seville, Spain;2. Economic Analysis Department, Facultad de CC. Económicas y Empresariales, University of Seville, Ramon y Cajal 1, 41018 Seville, Spain;1. Montpellier Business School, Montpellier, France & COMSATS University Islamabad, Lahore, Pakistan;2. Istanbul Medeniyet University, Istanbul, Turkey;3. Lebow College of Business, Drexel University, Philadelphia, PA, United States of America |
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| Abstract: | We examine the effect of human capital on energy consumption for a panel of OECD economies over the period 1965–2014. Our preferred results, which account for cross-sectional dependence and structural breaks, suggest that a one standard deviation increase in human capital reduces aggregate energy consumption by 15.36%. When we distinguish between clean and dirty energy consumption, we find that human capital generates significant positive externalities for the environment. Specifically, we find that a one standard deviation increase in human capital is associated with a 17.33% decrease in dirty energy consumption and an 85.54% increase in clean energy consumption. Our findings reinforce the social benefits of investing in human capital and suggest a promising avenue for energy conservation without impeding economic growth. |
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| Keywords: | Human capital Energy consumption Cross-section dependence Panel data |
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