Therefore, the increase in renewable energy consumption has a total positive effect on economic growth. Renewable energy has a significant total impact on economic growth. The outcome shows a feedback effect among economic growth and renewable energy consumption, but renewable energy consumption does not have a significant indirect impact on economic growth. The variables used for this research are renewable energy, the gross domestic product, foreign direct investment, gross capital formation, and trade. This study investigates the direct impact and indirect impact of renewable energy on economic growth using both the Granger causality and the mediation model in its analysis based on data from 1990 to 2015. However, Ghana depends on non-renewable energy to fuel its economy. The paper contrasts the Neyman-Rubin model of.
Models for simultaneous causality are developed. Anticipated and realized subjective and objective outcomes are distinguished. Keywords: causality, econometrics, Roy model, NeymanRubin model, subjective and ob-jective evaluations, anticipated vs. Simultaneous causality between components of trade (IMP or EXP) and output is also observed with interest in the literature. it is combined with parallel or simultaneous TMS component analysis. The paper contrasts the NeymanRubin model of causality with the econometric approach. Ghana is a country blessed with a lot of renewable energy resources. Economists embrace a scientific approach to causality and model the preferences and choices of agents to infer subjective (agent) evaluations as well as objective outcomes. 8 Reverse causality relationship for a IC4 and b IC6 (FICX interconnected by a. Whenever there is a question of environmental quality and economic prosperity, renewable energy consumption leads the debate.
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