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What is the connection between energy and economic growth?

April 26, 2017connection Economic energy growth

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What is the connection between energy and economic growth?

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The economic well-being of nations and individuals depends largely on the amount of energy they use. Rapid economic growth is one of the defining characteristics of modern society. It is a principal goal of nearly every national government in the world. Gross world product, the total value of all goods and services produced, increased from $7 trillion in 1950 to about $70 trillion in 2007. Annual income per person increased by nearly factor of 5 in this period.