From the beginning of creation, human beings have realized the importance of energy for survival. They have always devoted a significant part of their energy to provide the required energy. Moreover, it can be said that energy resources have an essential role in the life and evolvement of societies. On the contrary, with the depletion of energy resources, severe environmental pollution caused by the consumption of petroleum products, and high cost of energy in the production cycle, allocating these resources must be carried out carefully. This paper aims to look at the connection between energy consumption and sustainable economic welfare in OPEC countries (Iran, Kuwait, Saudi Arabia, UAE, Ecuador, and Venezuela) during 2019–2009, utilizing the panel data method. Finally, we presented a CNN architecture for forecasting welfare levels in the case study countries. As a result, the relationship between energy consumption and economic growth among selected countries from energy-producing countries was compared in this analysis, which used the standard Granger causality test and the Granger causality test in several domains. The findings suggest that economic growth and inflation positively impact energy consumption in the countries studied. In addition, energy consumption positively impacts these countries’ sustainable economic welfare, while inflation has a negative effect. In addition, the findings of the standard Granger causality test indicate a one-way causal association between energy consumption and economic development in Iran and Venezuela, as well as one-way causality from GDP to energy consumption in Ecuador, the United Arab Emirates, Saudi Arabia, and Kuwait. Also, based on the results of the CNN method, the RMSE are 1.75, 3.81, 1.39, 0.52, 0.69, and 1.72 for Ecuador, Emirates, Iran, Saudi Arabia, Kuwait, and Venezuela, respectively.
Extended AbstractIntroduction: One of the most important goals of today's societies is to achieve a happy society, a society where the happiness of its people will improve the quality of life and labor productivity, will boost economic growth and, ultimately, will lead to sustainable development. In this regard, government expenditures and the amount of government intervention in the economy can affect the level of happiness of the society. The economics of happiness addresses issues, such as measuring and analyzing prosperity, quality of life, life satisfaction, and the simultaneous growth of indicators of life in a person, family or community with indicators of psychology, health and sociology. The "happiness economics" is a relatively new area in the economy, which in recent years has become a major contributor to the policy equation of many countries. The relationship between happiness and government activities could be an interesting subject for researchers and policy makers. Government with its expenditures and its interventions in the economy may affect happiness of people. Therefore, the main objective of this paper was to examine the effect of government size on happiness in the selected developing and developed countries. Due to the differences between government efficiency in the countries, the results may be different in these two groups ofcountries. Method:The methodology of this research is based on the econometrics methodology. Based on the theories existing in the literature and the previous studies, the econometric model was determined and then inferential statistics was used to explore the research hypotheses. A threshold panel model was estimated by modeling the factors affecting happiness, with emphasis on the effect of government size, for the two selected groups of countries. The threshold panel model is a model in which a predetermined predicted behavior starts to change after a threshold value. In this paper, the size of the government was the threshold variable, which divided the size of government into large and small size governments. Then, the effect of the size of government in both large and small governments on happiness was estimated and the threshold government size was estimated by the model over the period of 2005-2016.
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.
hi@scite.ai
10624 S. Eastern Ave., Ste. A-614
Henderson, NV 89052, USA
Copyright © 2024 scite LLC. All rights reserved.
Made with 💙 for researchers
Part of the Research Solutions Family.