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The Spiralling Economy: Connecting Marxian Theory with Ecological Economics

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  • Crelis Rammelt

Abstract

The capitalist mode of production and consumption is caught in a double bind: its expansion destabilises natural systems and fails to curb social inequities, while slowdown destabilises the inner workings of the economic system itself. To better understand what is happening in this phase of instability, this article proposes a System Dynamics representation that combines elements of Georgescu-Roegen's Ecological Economics with Marxian theory. Specifically it draws from a diagram recently developed by David Harvey to communicate Marx's political economy in its totality; Harvey's diagram is then adapted to incorporate the flow-fund model developed by Georgescu-Roegen. The contribution made by this adaptation is twofold: first, it allows us to emphasise key connections and discrepancies between the two traditions; second, it extends System Dynamics into (eco-)Marxian analysis, which serves to visualise the fundamental causes and consequences of a spiralling, ever-expanding capitalist economy.

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  • Crelis Rammelt, 2020. "The Spiralling Economy: Connecting Marxian Theory with Ecological Economics," Environmental Values, , vol. 29(4), pages 417-442, August.
    • Handle: RePEc:sae:envval:v:29:y:2020:i:4:p:417-442
    DOI: 10.3197/096327119X15747870303881
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    References listed on IDEAS

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    1. Keen, Steve, 2013. "A monetary Minsky model of the Great Moderation and the Great Recession," Journal of Economic Behavior & Organization, Elsevier, vol. 86(C), pages 221-235.
    2. Ali Douai, 2009. "Value theory in ecological economics: the contribution of a political economy of wealth," Post-Print hal-00398044, HAL.
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