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Environmental Macroeconomics: Economic Growth, Fiscal Spending and Environmental Quality

Author

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  • Halkos, George E.
  • Paizanos, Epameinondas A.

Abstract

In the existing literature much attention has been given to the toolbox of regulatory policy instruments for addressing environmental concerns. Microeconomic treatment of environmental policy considers the optimal allocation of a given scale of resource flow within the economy, but neglects the scale and composition of economic activity relative to the ecosystem that supports it. An ecological approach to macroeconomics requires the appreciation of physical constraints to economic growth. This paper presents the theoretical underpinnings and the empirical findings of the literature on the link between economic growth and environmental quality, as well as of the relationship between fiscal spending and environmental degradation, by reviewing the relevant literature. The empirical findings on both relationships are not robust and therefore remain inconclusive. This paper provides conclusions and directions for future research which may assist to solve this ambiguity on the examined relationships.

Suggested Citation

  • Halkos, George E. & Paizanos, Epameinondas A., 2016. "Environmental Macroeconomics: Economic Growth, Fiscal Spending and Environmental Quality," International Review of Environmental and Resource Economics, now publishers, vol. 9(3-4), pages 321-362, September.
  • Handle: RePEc:now:jirere:101.00000079
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    File URL: http://dx.doi.org/10.1561/101.00000079
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    Cited by:

    1. Halkos, George, 2017. "Global Energy and Sustainable Development: Introduction," MPRA Paper 81967, University Library of Munich, Germany.

    More about this item

    Keywords

    Environmental macroeconomics; economic growth; natural resources; fiscal spending;

    JEL classification:

    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth
    • Q32 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Exhaustible Resources and Economic Development
    • Q28 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Government Policy
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development
    • P28 - Economic Systems - - Socialist Systems and Transition Economies - - - Natural Resources; Environment

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