{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,1,26]],"date-time":"2026-01-26T00:05:17Z","timestamp":1769385917271,"version":"3.49.0"},"reference-count":103,"publisher":"MDPI AG","issue":"11","license":[{"start":{"date-parts":[[2024,6,1]],"date-time":"2024-06-01T00:00:00Z","timestamp":1717200000000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"funder":[{"name":"FCT\/MCTES (PIDDAC) through project LARSyS\u2014FCT Pluriannual funding 2020\u20132023","award":["UIDB\/EEA\/50009\/2020"],"award-info":[{"award-number":["UIDB\/EEA\/50009\/2020"]}]},{"name":"FCT\/MCTES (PIDDAC) through project LARSyS\u2014FCT Pluriannual funding 2020\u20132023","award":["no. 51"],"award-info":[{"award-number":["no. 51"]}]},{"name":"FCT\/MCTES (PIDDAC) through project LARSyS\u2014FCT Pluriannual funding 2020\u20132023","award":["EP\/R024251\/1"],"award-info":[{"award-number":["EP\/R024251\/1"]}]},{"name":"Portuguese Recovery and Resilience Program (PRR), IAPMEI\/ANI\/FCT, Blockchain.PT","award":["UIDB\/EEA\/50009\/2020"],"award-info":[{"award-number":["UIDB\/EEA\/50009\/2020"]}]},{"name":"Portuguese Recovery and Resilience Program (PRR), IAPMEI\/ANI\/FCT, Blockchain.PT","award":["no. 51"],"award-info":[{"award-number":["no. 51"]}]},{"name":"Portuguese Recovery and Resilience Program (PRR), IAPMEI\/ANI\/FCT, Blockchain.PT","award":["EP\/R024251\/1"],"award-info":[{"award-number":["EP\/R024251\/1"]}]},{"DOI":"10.13039\/501100000266","name":"Paul Brockway under the EPSRC","doi-asserted-by":"publisher","award":["UIDB\/EEA\/50009\/2020"],"award-info":[{"award-number":["UIDB\/EEA\/50009\/2020"]}],"id":[{"id":"10.13039\/501100000266","id-type":"DOI","asserted-by":"publisher"}]},{"DOI":"10.13039\/501100000266","name":"Paul Brockway under the EPSRC","doi-asserted-by":"publisher","award":["no. 51"],"award-info":[{"award-number":["no. 51"]}],"id":[{"id":"10.13039\/501100000266","id-type":"DOI","asserted-by":"publisher"}]},{"DOI":"10.13039\/501100000266","name":"Paul Brockway under the EPSRC","doi-asserted-by":"publisher","award":["EP\/R024251\/1"],"award-info":[{"award-number":["EP\/R024251\/1"]}],"id":[{"id":"10.13039\/501100000266","id-type":"DOI","asserted-by":"publisher"}]}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Energies"],"abstract":"<jats:p>The benefits of energy efficiency are recognized in multiple socio-economic spheres. Still, the quantitative impact on macroeconomic performance is not fully understood, as modeling tools are not thermodynamically consistent\u2014failing to explicitly include the useful stage of energy flows and\/or thermodynamic efficiencies in primary\u2013final\u2013useful energy transformations. Misspecification in the link between energy use and the economy underplays the role of energy use and efficiency in economic growth. In this work, we develop and implement the Macroeconometric Resource Consumption model for Portugal (MARCO-PT), 1960\u20132014. Based on the post-Keynesian framework developed for the United Kingdom (MARCO-UK), our model explicitly includes thermodynamic energy efficiency, extending the analysis to the useful stage of energy flows. The model\u2019s stochastic equations are econometrically estimated. The historical influence of key variables\u2014namely thermodynamic energy efficiency\u2014on economic output is assessed through counterfactual simulations and computation of year-by-year output elasticities. The MARCO-PT model adequately describes the historical behavior of endogenous variables. Although its influence has decreased over time, thermodynamic efficiency has consistently been the major contributor to economic growth between 1960\u20132014, with an average output elasticity of 0.46. Total useful exergy is also a major contributing factor, with an average output elasticity of 0.29. Both have a higher influence than capital, labor, or other energy variables (final energy, prices). An adequate integration of thermodynamic efficiency is thus crucial for macroeconomic models.<\/jats:p>","DOI":"10.3390\/en17112688","type":"journal-article","created":{"date-parts":[[2024,6,3]],"date-time":"2024-06-03T05:58:00Z","timestamp":1717394280000},"page":"2688","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":4,"title":["The Impact of Energy Efficiency on Economic Growth: Application of the MARCO Model to the Portuguese Economy 1960\u20132014"],"prefix":"10.3390","volume":"17","author":[{"ORCID":"https:\/\/orcid.org\/0000-0001-5123-8244","authenticated-orcid":false,"given":"Jo\u00e3o","family":"Santos","sequence":"first","affiliation":[{"name":"MARETEC\u2014Marine, Environment and Technology Center, LARSyS\u2014Laboratory of Robotics and Engineering Systems, Instituto Superior T\u00e9cnico, Universidade de Lisboa, Av. Rovisco Pais 1, 1049-001 Lisbon, Portugal"}]},{"given":"Miguel","family":"Viana","sequence":"additional","affiliation":[{"name":"MARETEC\u2014Marine, Environment and Technology Center, LARSyS\u2014Laboratory of Robotics and Engineering Systems, Instituto Superior T\u00e9cnico, Universidade de Lisboa, Av. Rovisco Pais 1, 1049-001 Lisbon, Portugal"}]},{"ORCID":"https:\/\/orcid.org\/0000-0003-4843-250X","authenticated-orcid":false,"given":"Jaime","family":"Nieto","sequence":"additional","affiliation":[{"name":"Sustainability Research Institute, School of Earth and Environment, University of Leeds, Leeds LS2 9JT, UK"}]},{"ORCID":"https:\/\/orcid.org\/0000-0001-6925-8040","authenticated-orcid":false,"given":"Paul E.","family":"Brockway","sequence":"additional","affiliation":[{"name":"Sustainability Research Institute, School of Earth and Environment, University of Leeds, Leeds LS2 9JT, UK"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-9337-5148","authenticated-orcid":false,"given":"Marco","family":"Sakai","sequence":"additional","affiliation":[{"name":"Department of Environment and Geography, University of York, York YO10 5DD, UK"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-6194-0405","authenticated-orcid":false,"given":"Tiago","family":"Domingos","sequence":"additional","affiliation":[{"name":"MARETEC\u2014Marine, Environment and Technology Center, LARSyS\u2014Laboratory of Robotics and Engineering Systems, Instituto Superior T\u00e9cnico, Universidade de Lisboa, Av. Rovisco Pais 1, 1049-001 Lisbon, Portugal"}]}],"member":"1968","published-online":{"date-parts":[[2024,6,1]]},"reference":[{"key":"ref_1","unstructured":"IEA (2015). Capturing the Multiple Benefits of Energy Efficiency, IEA. Available online: https:\/\/www.iea.org\/reports\/capturing-the-multiple-benefits-of-energy-efficiency."},{"key":"ref_2","unstructured":"Dean, E., and Harper, M. (2001). New Developments in Productivity Analysis, University of Chicago Press."},{"key":"ref_3","doi-asserted-by":"crossref","first-page":"3150","DOI":"10.1257\/aer.20130954","article-title":"The Next Generation of the Penn World Table","volume":"105","author":"Feenstra","year":"2015","journal-title":"Am. Econ. Rev."},{"key":"ref_4","first-page":"127","article-title":"Measuring productivity","volume":"33","author":"Schreyer","year":"2001","journal-title":"OECD Econ. 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