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Can We Afford the Green New Deal?

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  • Yeva Nersisyan
  • L. Randall Wray

Abstract

In this policy brief, Yeva Nersisyan and Senior Scholar L. Randall Wray argue that assessing the "affordability" of the Green New Deal is a question of whether there are suitable and sufficient real resources than can be mobilized to implement this ambitious approach to climate policy. Only after a careful resource accounting can we address the question of whether taxes and other means might be needed to reduce private spending to avoid inflation as the Green New Deal is phased in. Nersisyan and Wray provide a first attempt at resource budgeting for the Green New Deal, weighing available resources--including potential excess capacity and resources that can be shifted away from existing production--against what will be needed to implement the major elements of this plan to fight climate change and ensure a just transition to a more sustainable economic model.

Suggested Citation

  • Yeva Nersisyan & L. Randall Wray, 2020. "Can We Afford the Green New Deal?," Economics Public Policy Brief Archive ppb_148, Levy Economics Institute.
    • Handle: RePEc:lev:levppb:ppb_148
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    References listed on IDEAS

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    1. Pavlina R. Tcherneva, 2018. "The Job Guarantee: Design, Jobs, and Implementation," Economics Working Paper Archive wp_902, Levy Economics Institute.
    2. Geoffrey Heal, 2017. "Reflections—What Would It Take to Reduce U.S. Greenhouse Gas Emissions 80 Percent by 2050?," Review of Environmental Economics and Policy, Association of Environmental and Resource Economists, vol. 11(2), pages 319-335.
    3. L. Randall Wray, 2016. "Why Minsky Matters: An Introduction to the Work of a Maverick Economist," Economics Books, Princeton University Press, edition 1, number 10575.
    4. L. Randall Wray, 2015. "Modern Money Theory," Palgrave Macmillan Books, Palgrave Macmillan, edition 2, number 978-1-137-53992-2.
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    Cited by:

    1. Giuliano Toshiro Yajima, 2021. "The Employer of Last Resort Scheme and the Energy Transition: A Stock-Flow Consistent Analysis," Economics Working Paper Archive wp_995, Levy Economics Institute.
    2. Yeva Nersisyan & L. Randall Wray, 2021. "Can Biden Build Back Better? Yes, If He Abandons Fiscal "Pay Fors"," Economics Public Policy Brief Archive ppb_155, Levy Economics Institute.
    3. Summa, Ricardo de Figueiredo, 2022. "Alternative uses of functional finance: Lerner, MMT and the Sraffiansh," IPE Working Papers 175/2021, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    4. Olk, Christopher & Schneider, Colleen & Hickel, Jason, 2023. "How to pay for saving the world: Modern Monetary Theory for a degrowth transition," LSE Research Online Documents on Economics 120343, London School of Economics and Political Science, LSE Library.
    5. Françoise Drumetz & Christian Pfister, 2021. "The Meaning of MMT," Working papers 833, Banque de France.

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