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Ecological monetary economics: A post-Keynesian critique

Author

Listed:
  • Louison Cahen-Fourot

    (CEPN - Centre d'Economie de l'Université Paris Nord - UP13 - Université Paris 13 - USPC - Université Sorbonne Paris Cité - CNRS - Centre National de la Recherche Scientifique)

  • Marc Lavoie

    (University of Ottawa [Ottawa], CEPN - Centre d'Economie de l'Université Paris Nord - UP13 - Université Paris 13 - USPC - Université Sorbonne Paris Cité - CNRS - Centre National de la Recherche Scientifique)

Abstract

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.

Suggested Citation

  • Louison Cahen-Fourot & Marc Lavoie, 2016. "Ecological monetary economics: A post-Keynesian critique," Post-Print hal-01370578, HAL.
    • Handle: RePEc:hal:journl:hal-01370578
    DOI: 10.1016/j.ecolecon.2016.03.007
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