The Impact of Energy Efficiency on Economic Growth: Application of the MARCO Model to the Portuguese Economy 1960–2014
João Santos,
Miguel Viana,
Jaime Nieto
et al.
Abstract:The benefits of energy efficiency are recognized in multiple socio-economic spheres. Still, the quantitative impact on macroeconomic performance is not fully understood, as modeling tools are not thermodynamically consistent—failing to explicitly include the useful stage of energy flows and/or thermodynamic efficiencies in primary–final–useful energy transformations. Misspecification in the link between energy use and the economy underplays the role of energy use and efficiency in economic growth. In this work… Show more
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