Energy is necessary for economic production and economic growth but the mainstream theory of economic growth pays no attention to the role of energy. Toman and Jemelkova(2003) argue that most of the literature on energy and economic development discusses how development affects
energy use rather than vice versa. This study examines both the relationship between energy consumption and economic growth and the effects of energy prices in a small open economy in a two-sector framework. With increasing globalization, each country has become more open to, and integrated with, other countries. As the volume of international trade gradually increases among countries, so does the distinction between the traded and the non-traded sector. The impact of economic shocks varies between the economic sectors because of production technology differences and other structural differences. (The rest omitted)


Title |
Korea's energy policy and economic growth
Similar Titles
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Sub Title | The effects of the energy price on the macroeconomy |
Material Type | Report |
Author(English) |
Park, Kihyun |
Publisher |
Uiwang : Korea Energy Economics Institute |
Date | 2011-12 |
Series Title; No | Base Research Paper / 2011-22 |
Pages | 122 |
Subject Country | South Korea(Asia and Pacific) |
Language | English |
File Type | Documents |
Original Format | |
Subject | Economy < Economic Conditions Industry and Technology < Energy |
Holding | Korea Energy Economics Institute |
License | ![]() |
Abstract