Hu Junyan
School of Economics and Commerce, South China University of Technology, 510006, Guangzhou, Guangdong, China
Gao Zijun
Faculty of Engineering, The University of Hong Kong, 999077, Hong Kong, China
ABSTRACT
A lot of studies on technological progress ignore energy consumption in economic growth, so technological progress is overrated. Based on Tinbergens improved Cobb-Douglas production function and Solow Economic Growth Model, this study uses Chinas 1991-2011 time series data to estimate the contribution rate of technological progress to economic growth and compare with the rate when energy consumption is taken into account. The results show that contribution rate of energy consumption to economic growth has an upward trend, so it must take energy consumption into account in order to reflect the real contribution rate of technological progress to economic growth the upward trend on contribution rate of technological progress to economic growth changes gently after accounting for energy consumption. The above findings illustrate Chinas recent economic growth relies more on energy consumption and its urgent for Chinese economy to transform from extensive growth to intensive development.
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How to cite this article
Hu Junyan and Gao Zijun, 2013. Re-estimation the Contribution Rate of Technological Progress to Economic Growth Accounting for Energy Consumption Factors Based on Time Series Data of China (1991-2011). Journal of Applied Sciences, 13: 2346-2350.
DOI: 10.3923/jas.2013.2346.2350
URL: https://scialert.net/abstract/?doi=jas.2013.2346.2350
DOI: 10.3923/jas.2013.2346.2350
URL: https://scialert.net/abstract/?doi=jas.2013.2346.2350
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