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A Proposal for the Greening of Textbook Macro: 'IS-LM-EE'

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Abstract

The celebrated ecological economist Herman Daly asked "Is there no a neglected connection between the environment and the macroeconomics we teach? If there is no such thing as environmental macro in our textbooks, should there be? If so what should it look like?". Emphasising the need to breach widely-used undergraduate texts we show that an 'environmental equilibrium' (EE) line can be added to the standard IS-LM diagram that remains the work horse of undergraduate macro-teaching and is widely used for applied policy analysis. The familiar comparative static analyses of fiscal and monetary policy are reworked. It is argued that chapter sections detailing the environmental extension should be incorporated into all IS-LM-using texts.

Suggested Citation

  • Anthony Heyes, 2000. "A Proposal for the Greening of Textbook Macro: 'IS-LM-EE'," Royal Holloway, University of London: Discussion Papers in Economics 99/7, Department of Economics, Royal Holloway University of London, revised Feb 2000.
    • Handle: RePEc:hol:holodi:9907
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    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Towards an Ecological Macroeconomics
      by Emanuele Campiglio in the nef blog on 2012-07-09 17:00:00

    More about this item

    Keywords

    Sustainable development - IS/LM;

    JEL classification:

    • Q20 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - General
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development

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