Ecological monetary economics: A post-Keynesian critique
The monetary analysis of some ecological economists currently appears to be mostly articulated around the fol- lowing core: a stationary economy (and a fortiori a degrowth economy) is incompatible with a system in which money is created as interest-bearing debt. To question the relevance of the debt-money/positive interest rate/ output growth nexus, this paper adopts a critical stance towards the currently emerging ecological monetary eco- nomics from the standpoint of another strand of heterodox economics – the post-Keynesian approach. In its cur- rent state, ecological monetary economics is at odds with post-Keynesian economics in its analysis of the money– growth relationship. This will be shown using the theory of endogenous money and a simple Cambridgian– Kaleckian model where debt-money and a positive interest rate are compatible with a full stationary economy.
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|Date of creation:||22 Apr 2016|
|Publication status:||Published in Ecological Economics, Elsevier, 2016, 126, <10.1016/j.ecolecon.2016.03.007>|
|Note:||View the original document on HAL open archive server: https://hal.archives-ouvertes.fr/hal-01370578|
|Contact details of provider:|| Web page: https://hal.archives-ouvertes.fr/|
References listed on IDEAS
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