Abstract
Research examines the relations between GDP in Manat and Dollar and total electric energy consumption (1995-2017) for the last 22 years in the Republic of Azerbaijan. Besides, the relations between the electric energy consumption and the growth of GDP in these sectors were analysed. Autoregressive distributed lag model was used as a research methodology. Stationary tests of variables (ADF, PP, and KPSS) and Pairwise Granger Causality Tests were done. Stability of models was examined. Eviews_9 econometric software program was used to establish graphics and do calculations. Having analysed the research, there is a positive correlation not only in GDP and electric energy consumption but also electric energy consumption and GDP in different sectors of economy. We recommend to save electric energy. Keywords: Electric Energy Consumption, GDP Growth, Autoregressive Distributed Lag JEL Classifications: F15, B28, C23, Q43, O52 DOI: https://doi.org/10.32479/ijeep.8642
Highlights
The roles that hydrocarbon resources, including oil products as energy carriers, play in the economy and in the life of people are undeniable (Muradov et al, 2019)
“How are the priority directions of economic policy chosen?,” “How are the needs of economic agents studied in incentives?” “How does economic policy affect the behavior of economic agents?,” “What indicators can assess the effectiveness of regulatory measures?”, “How can one measure and evaluate economic development and growth?” These and many other issues still remain “apples of discord” for economists
The confirmation is true for each studied state separately Achieved results reveals that there is a relationship between electricity consumption and economic growth in Poland
Summary
The roles that hydrocarbon resources, including oil products as energy carriers, play in the economy and in the life of people are undeniable (Muradov et al, 2019). Policy development, ensuring the growth and development of complex, open and non-linear economic systems, as well as the measurement and evaluation of its results are widely discussed topics in modern economics. “How are the priority directions of economic policy chosen?,” “How are the needs of economic agents studied in incentives?” “How does economic policy affect the behavior of economic agents?,” “What indicators can assess the effectiveness of regulatory measures?”, “How can one measure and evaluate economic development and growth?” These and many other issues still remain “apples of discord” for economists. Nobel laureate, noting the fundamental importance of measurement in economics, argued that, as a means of correctly evaluating the results of economic policy, measurement could become a source for new theoretical ideas
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