Open AccessThe impact and determinants of the energy paradigm on economic growth in European Union
Author(s) -
A. J. Vasile,
Mihai Mieilă,
Mirela Panait
Publication year - 2017
Publication title -
plos one
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.99
H-Index - 332
ISSN - 1932-6203
DOI - 10.1371/journal.pone.0173282
Subject(s) - per capita , energy consumption , economics , unit root , energy (signal processing) , european union , order (exchange) , panel data , energy policy , sustainable development , relevance (law) , paradigm shift , consumption (sociology) , field (mathematics) , economic system , public economics , econometrics , international trade , political science , renewable energy , sociology , biology , social science , ecology , population , philosophy , statistics , mathematics , finance , epistemology , pure mathematics , law , demography
Contemporary economies are strongly reliant on energy and analyzing the determining factors that trigger the changes in energy paradigm and their impact upon economic growth is a topical research subject. Our contention is that energy paradigm plays a major role in achieving the sustainable development of contemporary economies. In order to prove this the panel data methodology of research was employed, namely four panel unit root tests (LLC, IPS, F-ADF and F-PP) aiming to reveal the connections and relevance among 17 variables denoting energy influence on economic development. Moreover, it was introduced a specific indicator to express energy consumption per capita. Our findings extend the classical approach of the changes in energy paradigm and their impact upon economic growth and offer a comprehensive analysis which surpasses the practices and policy decisions in the field.