The economic power of energy and the need to integrate it with energy policy

Economic Growth in the USA and Germany 1960–2013: The Underestimated Role of Energy

“…They are the limits to capacity utilization 2 and automation and result in the destruction of the equality of output elasticities and factor cost shares. This has been shown explicitly by optimizing profit and time-integrated utility subject to these constraints (Kümmel et al 2010(Kümmel et al , 2014(Kümmel et al , 2015.…”

Introduction to: The enigma of economic growth: Beyond Solow-type macroeconomic perspectives

“…Voudouris et al (2015) focus on the 15 countries constituting the European "core", while Kuemmel et al (2015) focus only on the three big industrial economies (US, Japan and Germany). Acurio Vásconez et al (2015) consider the US alone.…”

“…The next paper, by Kuemmel et al (2015), uses an unconventional parametric production function, with energy as a third factor, under both utility (welfare) and profit maximization. They confirm and extend scattered earlier publication results, showing that, as applied to Germany, Japan and the US during the 20th century, their production approach reproduces economic growth very accurately, with small residuals and good statistical quality measures.…”

CO2 Price Volatility Effects on Optimal Power System Portfolios

“…As governments are the planner subjects for energy choices, they have the duty to promote coherent externality pricing mechanisms and technologies that allow reaching environmental and renewable energy policy targets, providing clear signals to direct private investments [36]. From this point of view, the most important and difficult task is to find appropriate instruments and strategies for inducing rational investors to modify their generation portfolios according to suitable environmental and renewable energy policies.…”