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

Author

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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.

Suggested Citation

  • Clive L Spash & Heinz Schandl, 2009. "Growth, the Environment and Keynes: Reflections on Two Heterodox Schools of Thought," Socio-Economics and the Environment in Discussion (SEED) Working Paper Series 2009-01, CSIRO Sustainable Ecosystems.
  • Handle: RePEc:cse:wpaper:2009-01
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    File URL: http://www.csiro.au/files/files/pns9.pdf
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    References listed on IDEAS

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    7. Spash, Clive L. & Villena, Mauricio G., 1999. "Exploring the Approach of Institutional Economics to the Environment," MPRA Paper 17278, University Library of Munich, Germany.
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    Citations

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    Cited by:

    1. Kronenberg, Tobias, 2010. "Finding common ground between ecological economics and post-Keynesian economics," Ecological Economics, Elsevier, vol. 69(7), pages 1488-1494, May.
    2. Armon Rezai & Sigrid Stagl, 2016. "Ecological Macreconomics: Introduction and Review," Ecological Economics Papers ieep9, Institute of Ecological Economics.
    3. Spash, Clive L. & Ryan, Anthony M., 2010. "Ecological, Heterodox and Neoclassical Economics: Investigating the Differences," MPRA Paper 26292, University Library of Munich, Germany.
    4. Rezai, Armon & Taylor, Lance & Mechler, Reinhard, 2013. "Ecological macroeconomics: An application to climate change," Ecological Economics, Elsevier, vol. 85(C), pages 69-76.
    5. Rezai, Armon & Taylor, Lance & Mechler, Reinhard, 2012. "Ecological Macroeconomics: An application to climate change," SRE-Discussion Papers 3557, WU Vienna University of Economics and Business.
    6. Rezai, Armon & Stagl, Sigrid, 2016. "Ecological Macreconomics: Introduction and Review," Ecological Economic Papers 4803, WU Vienna University of Economics and Business.
    7. Bina, Olivia & La Camera, Francesco, 2011. "Promise and shortcomings of a green turn in recent policy responses to the “double crisis”," Ecological Economics, Elsevier, vol. 70(12), pages 2308-2316.
    8. 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

    environment; Keynes; post keynesian; ecological economics;

    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • P16 - Economic Systems - - Capitalist Systems - - - Political Economy of Capitalism
    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development

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