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Ecological Macroeconomics: An application to climate change

Author Info

Listed author(s):
  • Armon Rezai

    ()

  • Lance Taylor
  • Reinhard Mechler

    ()

Abstract

Ecological economics has not paid sufficient attention to the macroeconomic level both in terms of theory and modeling. Yet, key topics debated in the field of ecological economics such as sustainable consumption, reduction in working time, the degrowth debate, the energy–exergy link, and the rebound effect require a holistic and macro perspective. While this deficiency has been identified before and Keynesian economics has been generally suggested as a potent vehicle to establish economic systemic thinking, very little concrete theorizing and practical suggestions have been put forward. We give further credence to this suggestion and demonstrate the value of tackling key concerns of ecological economics within a Keynesian growth framework. Contextualized by an application to climate change we suggest that policy relevant recommendations need to be based on a consistent view of the macroeconomy. We end with laying out key building blocks for a Keynesian model framework for an ecological macroeconomics.

(This abstract was borrowed from another version of this item.)

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File URL: http://www-sre.wu.ac.at/sre-disc/sre-disc-2012_06.pdf
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Paper provided by Institute for Multilevel Governance and Development, Department of Socioeconomics, Vienna University of Economics and Business in its series SRE-Disc with number sre-disc-2012_06.

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Length: 22 pages
Date of creation: 2012
Handle: RePEc:wiw:wiwsre:sre-disc-2012_06
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Welthandelsplatz 1, 1020 Vienna, Austria

Web page: http://www.wu-wien.ac.at/mlgd/

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Find related papers by JEL classification:
  • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
  • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
  • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming

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Cited by:

  1. Tim Jackson & Ben Drake & Peter Victor & Kurt Kratena & Mark Sommer, 2014. "Literature review and model development," WWWforEurope Working Papers series 65, WWWforEurope.
  2. Gregor Semieniuk, 2016. "Fossil energy in economic growth: A study of the energy direction of technical change, 1950-2012," SPRU Working Paper Series 2016-11, SPRU - Science and Technology Policy Research, University of Sussex.
  3. Roos, Michael W. M., 2015. "The macroeconomics of radical uncertainty," Ruhr Economic Papers 592, RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen.
  4. Jackson, Tim & Victor, Peter A., 2016. "Does slow growth lead to rising inequality? Some theoretical reflections and numerical simulations," Ecological Economics, Elsevier, vol. 121(C), pages 206-219.
  5. Guarini, Giulio & Porcile, Gabriel, 2016. "Sustainability in a post-Keynesian growth model for an open economy," Ecological Economics, Elsevier, vol. 126(C), pages 14-22.
  6. Taylor, Lance & Rezai, Armon & Foley, Duncan K., 2015. "An Integrated Approach to Climate Change, Income Distribution, Employment, and Economic Growth," Ecological Economic Papers 4557, WU Vienna University of Economics and Business.
  7. Taylor, Lance & Rezai, Armon & Foley, Duncan K., 2016. "An integrated approach to climate change, income distribution, employment, and economic growth," Ecological Economics, Elsevier, vol. 121(C), pages 196-205.
  8. Armon Rezai & Sigrid Stagl, 2016. "Ecological Macreconomics: Introduction and Review," Ecological Economics Papers ieep9, Institute of Ecological Economics.
  9. Dafermos, Yannis & Nikolaidi, Maria & Galanis, Giorgos, 2017. "A stock-flow-fund ecological macroeconomic model," Ecological Economics, Elsevier, vol. 131(C), pages 191-207.
  10. Richters, Oliver, 2015. "Integrating Energy Use into Macroeconomic Stock-Flow Consistent Models," EconStor Theses, ZBW - German National Library of Economics, number 154764.
  11. Roder van Arkel & Koen Vermeylen, 2013. "The Interest Rate and Capital Durability, and the Importance of Methodological Pluralism," Tinbergen Institute Discussion Papers 13-202/VI, Tinbergen Institute.
  12. Fontana, Giuseppe & Sawyer, Malcolm, 2016. "Towards post-Keynesian ecological macroeconomics," Ecological Economics, Elsevier, vol. 121(C), pages 186-195.
  13. Kemp-Benedict, Eric, 2014. "The inverted pyramid: A neo-Ricardian view on the economy–environment relationship," Ecological Economics, Elsevier, vol. 107(C), pages 230-241.
  14. Rezai, Armon & Stagl, Sigrid, 2016. "Ecological Macreconomics: Introduction and Review," Ecological Economic Papers 4803, WU Vienna University of Economics and Business.
  15. Røpke, Inge, 2016. "Complementary system perspectives in ecological macroeconomics — The example of transition investments during the crisis," Ecological Economics, Elsevier, vol. 121(C), pages 237-245.
  16. Hein, Eckhard, 2016. "Post-Keynesian macroeconomics since the mid-1990s: Main developments," IPE Working Papers 75/2016, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
  17. 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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