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Macroeconomics versus environmental-macroeconomics

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  • Thampapillai, Dodo

Abstract

When environmental macroeconomic frameworks replace standard macroeconomic frameworks differences in policy outcomes ensue. The non-recognition of real environmental capacity constraints could explain the inability of standard frameworks to deliver on certain macroeconomic goals. Herein, environmental capital depreciation is internalised into analytic frameworks of factor utilisation, aggregate demand and aggregate supply. The analyses reveal that restricted income and wage domains alongside limited environmental capacity constrain economic performance. Hence, environmental capacity expansion and initiatives towards sustainability warrant specific attention. Illustrations are made with reference to the Australian economy and her response to the 2008–2010 global financial crisis.

Suggested Citation

  • Thampapillai, Dodo, 2012. "Macroeconomics versus environmental-macroeconomics," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 56(3), pages 1-15.
    • Handle: RePEc:ags:aareaj:211674
    DOI: 10.22004/ag.econ.211674
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    References listed on IDEAS

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    1. Anthony B. Atkinson & Andrew Leigh, 2007. "The Distribution of Top Incomes in Australia," The Economic Record, The Economic Society of Australia, vol. 83(262), pages 247-261, September.
    2. Cropper, Maureen L & Oates, Wallace E, 1992. "Environmental Economics: A Survey," Journal of Economic Literature, American Economic Association, vol. 30(2), pages 675-740, June.
    3. Flath, David, 2014. "The Japanese Economy," OUP Catalogue, Oxford University Press, edition 3, number 9780198702405.
    4. Herman E. Daly, 1991. "Towards an Environmental Macroeconomics," Land Economics, University of Wisconsin Press, vol. 67(2), pages 255-259.
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