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Impact of Renewable Energy Technology on the Economic Growth of the USA

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  • Edwin Garces
  • Tugrul Daim

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    Abstract

    This paper analyzes the contributions and effects of technological innovation on the US economy. Two effects on multifactor productivity are studied: the effect of the R&D investment and the effect of the R&D investment in renewable energy technologies. A cointegration analysis is used in order to understand the dynamic relationship among variables in the short and long run. A model is built based on GPT theoretical assumptions and uses a data of 33 years of the US economy. The conclusions show that technological innovation positively affects the US economy in the long run. In addition, the R&D investment in renewable energy technology impacts the economy in the short and long run. Thus, renewable energy technologies will play an important role in the future economy. Copyright Springer Science + Business Media, LLC 2012

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    File URL: http://hdl.handle.net/10.1007/s13132-010-0032-5
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    Bibliographic Info

    Article provided by Springer in its journal Journal of the Knowledge Economy.

    Volume (Year): 3 (2012)
    Issue (Month): 3 (September)
    Pages: 233-249

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    Handle: RePEc:spr:jknowl:v:3:y:2012:i:3:p:233-249

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    Web page: http://www.springer.com/economics/journal/13132

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    Related research

    Keywords: R&D investment; GPT; US economy; OECD; Economic growth; Renewable energy technology;

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    1. Aghion, P. & Howitt, P., 1990. "A Model Of Growth Through Creative Destruction," DELTA Working Papers 90-12, DELTA (Ecole normale supérieure).
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    8. Paul M Romer, 1999. "Increasing Returns and Long-Run Growth," Levine's Working Paper Archive 2232, David K. Levine.
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