Date of Award
Bachelor of Arts
The worldwide environmental crisis such as climate change and global warming motivates countries to use renewable energy. Additionally, the crisis provokes the importance of energy and the appearance of ecological economic theory. The Northeast Asia region has effectively embraced renewable energy production to enhance energy independence and energy security. Countries in the region require to maintain their production level to successfully complete the transition of energy use from the non-renewables to renewables. However, renewable energy’s impact on economic output in the Northeast Asia region is dubious. Moreover, only a small number of research on the availability of ecological economics in Northeast Asia has been done. The purpose of this paper is to estimate the impact of renewable and non-renewable energy consumption to economic output by employing panel data techniques. Moreover, the paper also examines the impact of total energy consumption on GDP to verify the importance of energy and the application of ecological economics. The result demonstrates that non-renewable energy influences GDP significantly more than the renewables. In this research, we have discovered that the impact of total energy consumption is similar to that of capital and labor. The policy implications of these results propose a balance of non-renewable energy consumption and renewable energy in Northeast Asia for the smooth transition of energy usage from the non- renewables to renewables due to the considerable influence of non-renewable energy consumption on GDP.
Park, Seung Min, "The Relationship between Energy Consumption (Renewable and Non-renewable) and Economic Growth in Northeast Asia" (2020). Economics Student Theses and Capstone Projects. 149.