Mathematics and Statistics Colloquium
Energy plays an important role in all economic activity, but it is generally ignored (in favor of capital stock and labor) as a factor of production in predictive models of economic growth. In this seminar, we'll evaluate several models of economic growth (some of which include energy) with data from nine different economies and for three types of energy. Statistical methods are used to fit historical data to economic models and extract statistical properties of the fitting coefficients. It turns out the economists are right: energy doesn't matter for economic growth. Or does it?