Energy is crucial in all processes, including the process of economic growth. The process of economic growth involves the transformation of raw materials into the final product, which means the use of energy. The paper examines the importance of energy for contemporary economic development and points to the necessity to move from the use of non-renewable to the use of renewable energy resources. The undoubted connection between economic growth and energy consumption, as well as the divergent views of economic researchers regarding the causality of economic growth and energy consumption, was established, which is of crucial importance in the creation of energy policies of individual countries. The dominant position in economic science is confirmed by which the energy in classical theory is implicitly included in economic activity across the country as a key factor of production. On the contrary, in neoclassical economic theory energy was not recognized as an important productive factor, which at the same time represents one of its most pronounced weaknesses.
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.