An in depth economic restructuring framework by using particle swarm optimization
2019
Papadakis, Stelios | Markaki, Maria
The aim of this paper is the development of an integrated framework, based on environmental input-output analysis, for optimizing the economic structure of an economy. The restructuring process is approached as a constraint optimization problem where the optimized variables are the elements of the matrix of domestic technical coefficients. A method for determining the optimal level of the productive linkages of an economy in order to maximize its output with the minimal greenhouse gas emissions the possible is suggested. The proposed methodology is able to join both environmental and economic policy targets, in the form of predefined constraints. The objective function, which is going to be minimized, expresses the greenhouse gas emissions (GHG) intensity or GHG emissions per unit of output. A particle swarm algorithm is employed for the solution of the optimization problem. An illustrative application to the Greek economy was carried out. The experimental results revealed that if the Greek economy will apply policies for boosting the sectors of high and medium-high R&D intensity, then the greenhouse gas emission per unit of gross domestic product of Greece would be reduced. Furthermore, the promotion of high and medium-high R&D intensity sectors is connected with an important improvement of the production linkages to a wide range of sectors, highlighting the important spillover effect of the suggested restructuring process.
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