Causation results are not surprising as previous studies asserted similar remarks. Nor could we denote any strong correlation between energy variables and wealth creation. We could not confirm a definite consistency in pair-wise causation between energy and welfare variables at the country levels and across distinct estimation periods. We also statistically test several hypotheses regarding the relationship between energy use and wealth creation as captured by income groups.
We then develop a novel method to exclude spurious measures from the true ones. To this end, we first review deeper conceptual and philosophical concerns towards causation and correlation for making a clear distinction between true and spurious causation/correlation. None of these studies has ever been revisited at a global scale to the best of our knowledge. This study is a comprehensive note on these notions’ interconnectedness by revisiting both studies thoroughly and globally. These are two seminal empirical papers touching upon the notions of causation and correlation, respectively, as far as energy economics is concerned. Are two highly cited studies on the relationship between energy and development.
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