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A Classical-Post Keynesian critique on neoclassical environmentally-adjusted multifactor productivity

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  • Giulio Guarini

Abstract

The aim of the article is to critically analyze Environmentally-AdjustedMultifactor Productivity (EAMP), by considering the Classical-Post-keynesian environmentalframework Ecological Macroeconomics, integrated with the Evolutionary EnvironmentalEconomics. The paper introduces EAMP as rooted in in neoclassical economics and derivedfrom Cobb-Douglas function with natural resources built by Solow (1974). I presenttheoretical critiques of EAMP’s neoclassical assumptions by developing perspectives fromheterodox Ecological Macroconomics literature. Finally, I discuss the shortcomings ofEAMP’s conceptual framework, making specific reference to the policy debate on PorterHypothesis. The article puts in evidence how the assumptions of constant returns to scale,perfect competition and perfect input substitutability seriously alter the meaning andpromise of sustainability policy. The analysis indicates that EAMP is a poor instrument to study complex issues regarding the promotion and effectiveness of green innovationsand should therefore be abandoned to face the great challenges regarding the process ofecological transformation. JEL Classification: B12; Q55; O13.

Suggested Citation

  • Giulio Guarini, 2023. "A Classical-Post Keynesian critique on neoclassical environmentally-adjusted multifactor productivity," Brazilian Journal of Political Economy, Center of Political Economy, vol. 43(1), pages 67-77.
    • Handle: RePEc:ekm:repojs:v:43:y:2023:i:1:p:67-77:id:2385
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    More about this item

    Keywords

    Classical-Post-Keynesian economics; environmentally-adjusted multifactor productivity; eco-innovation;
    All these keywords.

    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • Q55 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Technological Innovation
    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products

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