An Empirical Study on the Relationship Between Energy Transformation and Economic Growth – Based on Ramsey Model
Based on Ramsey Model
DOI:
https://doi.org/10.13052/spee1048-5236.4327Keywords:
Energy transformation, economic growth, Ramsey model, saddle pathAbstract
The study analyzed the interactive relationship between energy transformation and economic growth through the Ramsey model. The energy factor was introduced as an independent factor into the Ramsey model and an application improvement design was carried out. From a micro perspective, the impact of energy and economic factors on net output was analyzed. The research results indicate that the estimated coefficients of fossil energy output elasticity, labor output elasticity, capital output elasticity, and renewable energy output elasticity are 0.740602, 0.708407, 0.454672, and 0.304065, respectively. In addition, the significance tests were all below 0.05, indicating significance. Meanwhile, the elasticity of capital output and labor output complement each other; The output elasticity of fossil fuels and renewable energy are also complementary to each other. In a complementary relationship, the downward trend of one element is often accompanied by the upward trend of another element. This study sorts out the interactive relationship between energy transformation and economic growth, pointing out the direction for the future development of China’s energy economy.
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