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Growth, the Environment and Keynes: Reflections on Two Heterodox Schools of Thought

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  • Clive L Spash
  • Heinz Schandl

    ()
    (CSIRO Sustainable Ecosystems, Australia)

Abstract

This paper explores the approach of Post Keynesian Economics (PKE) in comparison with ecological economics. While PKE, like all macroeconomics, has failed to address environmental problems it does have many aspects which make compatibility with ecological economics seem feasible. Ecological economics has no specific macroeconomic approach although it has strong implications for economic growth and how this should be controlled, directed and in materials terms limited. We highlight growth as the key area of difference and reflect upon how Keynes himself saw capital accumulation as a means to an end not an end in itself, regarded it as a temporary measure and also was well aware of some of its psychological and social drawbacks.

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Bibliographic Info

Paper provided by CSIRO Sustainable Ecosystems in its series Socio-Economics and the Environment in Discussion (SEED) Working Paper Series with number 2009-01.

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Length: 44 pages
Date of creation: Jan 2009
Date of revision:
Handle: RePEc:cse:wpaper:2009-01

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Keywords: environment; Keynes; post keynesian; ecological economics;

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References

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  1. Spash, Clive L. & Villena, Mauricio G., 1999. "Exploring the Approach of Institutional Economics to the Environment," MPRA Paper 17278, University Library of Munich, Germany.
  2. Earl, P.E., 1990. "Economics And Psychology: A Survey," Papers 1990-04, Tasmania - Department of Economics.
  3. Clive L. Spash, 1999. "The Development of Environmental Thinking in Economics," Environmental Values, White Horse Press, vol. 8(4), pages 413-435, November.
  4. Fridolin Krausmann & Heinz Schandl & Rolf Peter Sieferle, 2007. "Socio-Ecological Regime Transitions in Austria and the United Kingdom," Socio-Economics and the Environment in Discussion (SEED) Working Paper Series 2007-05, CSIRO Sustainable Ecosystems.
  5. Stephen P. Dunn & Steven Pressman, 2007. "The lasting economic contributions of John Kenneth Galbraith, 1908-2006," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 29(2), pages 179-190, January.
  6. Stephen Dunn & Steven Pressman, 2005. "The Economic Contributions of John Kenneth Galbraith," Review of Political Economy, Taylor & Francis Journals, vol. 17(2), pages 161-209.
  7. Peter E. Earl, 2005. "Economics and psychology in the twenty-first century," Cambridge Journal of Economics, Oxford University Press, vol. 29(6), pages 909-926, November.
  8. Heinz Schandl & Marina Fischer-Kowalski & Clemens Grunbuhel & Fridolin Krausmann, 2008. "Socio-metabolic Transitions in Developing Asia," Socio-Economics and the Environment in Discussion (SEED) Working Paper Series 2008-05, CSIRO Sustainable Ecosystems.
  9. Schandl, Heinz & Schulz, Niels, 2002. "Changes in the United Kingdom's natural relations in terms of society's metabolism and land-use from 1850 to the present day," Ecological Economics, Elsevier, vol. 41(2), pages 203-221, May.
  10. Brennan, Andrew John, 2008. "Theoretical foundations of sustainable economic welfare indicators -- ISEW and political economy of the disembedded system," Ecological Economics, Elsevier, vol. 67(1), pages 1-19, August.
  11. Sneddon, Chris & Howarth, Richard B. & Norgaard, Richard B., 2006. "Sustainable development in a post-Brundtland world," Ecological Economics, Elsevier, vol. 57(2), pages 253-268, May.
  12. Alessandro Roncaglia, 2003. "Energy and market power: an alternative approach to the economics of oil," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 25(4), pages 641-659, July.
  13. Jonathan Aldred, 2006. "Incommensurability and Monetary Valuation," Land Economics, University of Wisconsin Press, vol. 82(2), pages 141-161.
  14. Lawson, Tony, 1989. "Abstraction, Tendencies and Stylised Facts: A Realist Approach to Economic Analysis," Cambridge Journal of Economics, Oxford University Press, vol. 13(1), pages 59-78, March.
  15. Soderbaum, Peter, 1999. "Values, ideology and politics in ecological economics," Ecological Economics, Elsevier, vol. 28(2), pages 161-170, February.
  16. Common, Mick & Perrings, Charles, 1992. "Towards an ecological economics of sustainability," Ecological Economics, Elsevier, vol. 6(1), pages 7-34, July.
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Citations

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Cited by:
  1. Rezai, Armon & Taylor, Lance & Mechler, Reinhard, 2013. "Ecological macroeconomics: An application to climate change," Ecological Economics, Elsevier, vol. 85(C), pages 69-76.
  2. Kronenberg, Tobias, 2010. "Finding common ground between ecological economics and post-Keynesian economics," Ecological Economics, Elsevier, vol. 69(7), pages 1488-1494, May.
  3. Spash, Clive L. & Ryan, Anthony M., 2010. "Ecological, Heterodox and Neoclassical Economics: Investigating the Differences," MPRA Paper 26292, University Library of Munich, Germany.

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