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Post-Keynesian and Kaleckian thoughts on ecological macroeconomics

Author

Listed:
  • Giuseppe Fontana

    (University of Leeds)

  • Malcolm Sawyer

    (University of Leeds)

Abstract

This paper outlines an approach to ecological macroeconomics based on post-Keynesian and Kaleckian ideas. It views growth as demand-driven through investment, and focuses on the conflicts between that demand-driven growth rate, the growth of the effective labour force and the ‘nature constrained’ rate of growth. The paper argues that there will not be ‘market forces’ which will address those conflicts, and specifically to bring growth to an environmentally sustainable growth rate. The policy agenda which is suggested is wide ranging and it calls for appropriate fiscal policy and budget deficits.

Suggested Citation

  • Giuseppe Fontana & Malcolm Sawyer, 2013. "Post-Keynesian and Kaleckian thoughts on ecological macroeconomics," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 10(2), pages 256-267.
  • Handle: RePEc:elg:ejeepi:v:10:y:2013:i:2:p256-267
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    References listed on IDEAS

    as
    1. Chenery, Hollis B, 1975. "The Structuralist Approach to Development Policy," American Economic Review, American Economic Association, vol. 65(2), pages 310-316, May.
    2. Ekins, Paul & Folke, Carl & De Groot, Rudolf, 2003. "Identifying critical natural capital," Ecological Economics, Elsevier, vol. 44(2-3), pages 159-163, March.
    3. Ekins, Paul, 2003. "Identifying critical natural capital: Conclusions about critical natural capital," Ecological Economics, Elsevier, vol. 44(2-3), pages 277-292, March.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Asjad Naqvi & Engelbert Stockhammer, 2017. "Directed technological change in a post-Keynesian ecological macromodel," Working Papers PKWP1714, Post Keynesian Economics Study Group (PKSG).
    2. Naqvi, Syed Ali Asjad, 2015. "Modeling Growth, Distribution, and the Environment in a Stock-Flow Consistent Framework," Ecological Economic Papers 4468, WU Vienna University of Economics and Business.
    3. repec:elg:ejeepi:v:14:y:2017:i:2:p131-172 is not listed on IDEAS
    4. Tim Jackson & Peter Victor & Asjad Naqvi, 2016. "Towards a Stock-Flow Consistent Ecological Macroeconomics," WWWforEurope Working Papers series 114, WWWforEurope.
    5. repec:feu:wfeppr:y:2014:m:11:d:0:i:18 is not listed on IDEAS
    6. Dafermos, Yannis & Nikolaidi, Maria & Galanis, Giorgos, 2017. "A stock-flow-fund ecological macroeconomic model," Ecological Economics, Elsevier, vol. 131(C), pages 191-207.
    7. Sigrid Stagl, 2014. "Ecological macroeconomics: reflections on labour markets," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 11(2), pages 171-181, September.
    8. Kemp-Benedict, Eric, 2014. "The inverted pyramid: A neo-Ricardian view on the economy–environment relationship," Ecological Economics, Elsevier, vol. 107(C), pages 230-241.
    9. Røpke, Inge, 2016. "Complementary system perspectives in ecological macroeconomics — The example of transition investments during the crisis," Ecological Economics, Elsevier, vol. 121(C), pages 237-245.
    10. Hein, Eckhard, 2016. "Post-Keynesian macroeconomics since the mid-1990s: Main developments," IPE Working Papers 75/2016, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    11. Hardt, Lukas & O'Neill, Daniel W., 2017. "Ecological Macroeconomic Models: Assessing Current Developments," Ecological Economics, Elsevier, vol. 134(C), pages 198-211.

    More about this item

    Keywords

    Â ecological economics; sustainability; post-Keynesian; Kaleckian; demand-led growth;

    JEL classification:

    • Q57 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Ecological Economics
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers

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