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Green Keynesianism: Beyond Standard Growth Paradigms

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  • Jonathan M. Harris

Abstract

In the wake of the global financial crisis, Keynesianism has had something of a revival. In practice, governments have turned to Keynesian policy measures to avert economic collapse. In the theoretical area, mainstream economists have started to give grudging attention to Keynesian perspectives previously dismissed in favor of New Classical theories. This theoretical and practical shift is taking place at the same time that environmental issues, in particular global climate change, are compelling attention to alternative development paths. Significant potential now exists for “Green Keynesianism” -- combining Keynesian fiscal policies with environmental goals. But there are also tensions between the two perspectives of Keynesianism and ecological economics. Traditional Keynesianism is growth-oriented, while ecological economics stresses limits to growth. Expansionary policies needed to deal with recession may be in conflict with goals of reducing resource and energy use and carbon emissions. In addition, long-term deficit and debt problems pose a threat to implementation of expansionary fiscal policies. This paper explores the possibilities for Green Keynesianism in theory and practice, and suggests that these apparent contradictions can be resolved, and that Green Keynesian policies offer a solution to both economic stagnation and global environmental threats.

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  • Jonathan M. Harris, 2013. "Green Keynesianism: Beyond Standard Growth Paradigms," GDAE Working Papers 13-02, GDAE, Tufts University.
  • Handle: RePEc:dae:daepap:13-02
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    File URL: http://www.ase.tufts.edu/gdae/Pubs/wp/13-02HarrisGreenKeynesianism.pdf
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    References listed on IDEAS

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    1. Ackerman, Frank & Stanton, Elizabeth A., 2012. "Climate risks and carbon prices: Revising the social cost of carbon," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy (IfW), vol. 6, pages 1-25.
    2. Jonathan Harris, "undated". "08-02 "Ecological Macroeconomics: Consumption, Investment, and Climate Change"," GDAE Working Papers 08-02, GDAE, Tufts University.
    3. Jonathan M. Harris, "undated". "10-05 "The Macroeconomics of Development without Throughput Growth"," GDAE Working Papers 10-05, GDAE, Tufts University.
    4. Frank Ackerman & Elizabeth A. Stanton, 2013. "Climate Impacts on Agriculture: A Challenge to Complacency?," GDAE Working Papers 13-01, GDAE, Tufts University.
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    Cited by:

    1. Jonathan M. Harris, 2016. "Population, resources and energy in the global economy: a vindication of Herman Daly’s vision," Chapters,in: Beyond Uneconomic Growth, chapter 4, pages 65-82 Edward Elgar Publishing.
    2. repec:eee:ecolec:v:148:y:2018:i:c:p:15-21 is not listed on IDEAS
    3. Lynne Chester & Joy Paton, 2013. "The economic–environment relation: can post-Keynesians, Régulationists and Polanyians offer insights?," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 10(1), pages 106-121.
    4. Jan Siegmeier & Linus Mattauch & Max Franks & David Klenert & Anselm Schultes & Ottmar Edenhofer, 2015. "A Public Finance Perspective on Climate Policy: Six Interactions That May Enhance Welfare," Working Papers 2015.31, Fondazione Eni Enrico Mattei.
    5. Neva Goodwin, 2014. "Prices and Work in The New Economy," GDAE Working Papers 14-01, GDAE, Tufts University.
    6. Jeronim Capaldo, 2014. "Trade Hallucination: Risks of Trade Facilitation and Suggestions for Implementation," GDAE Working Papers 14-02, GDAE, Tufts University.
    7. Hardt, Lukas & O'Neill, Daniel W., 2017. "Ecological Macroeconomic Models: Assessing Current Developments," Ecological Economics, Elsevier, vol. 134(C), pages 198-211.

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