Economic Growth and Environmental Degradation: An Empirical Analysis of BRICS towards Resource Efficiency
High growth rate of the economy is the means of generating surplus to support future growth and also to fund the welfare activities. But in a limited world any growth rate more than carrying capacity of the earth brings more danger for us than the welfare. The BRICS countries at present are the most growing economies in the world and at the same time are the most natural resource based economies. The present study is an attempt to examine the trend of natural resource depletion and different greenhouse gas emissions in BRICS countries during 1992 to 2012, and also the relationship between economic growth and environmental degradation. The study also estimates the relative resource efficiency of five BRICS countries during the study period by using data envelopment analysis. On conducting various tests this study finds positive trend of different greenhouse gas emissions and natural resource depletion in BRICS during the study period. Natural resource depletion and greenhouse gas emissions are found positively related with economic growth. Further the study reveals that the countries which are efficient in terms of economic resources are producing more goods and services with comparatively lesser amount of natural resource depletion.
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