Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/277559 
Year of Publication: 
2022
Citation: 
[Journal:] European Journal of Economics and Economic Policies: Intervention (EJEEP) [ISSN:] 2052-7772 [Volume:] 19 [Issue:] 3 [Year:] 2022 [Pages:] 397-414
Publisher: 
Edward Elgar Publishing, Cheltenham
Abstract: 
This paper investigates whether post-Keynesian economics is well-equipped to address the ecological crisis we face today. The major crisis of our times has three interrelated dimensions: ecological overshoot, socio-economic inequality and a growth imperative built into the economic system. We argue that the main building blocks of post-Keynesian thought – in contrast to neoclassical approaches – are well-placed for addressing the ecological crisis if reconfigured accordingly, and that such a development will likely be very fruitful. Yet, we identify the growth effects of reducing inequality, the capitalist growth imperative and political power from wealth concentration and incumbent industries as the main contradictions between post-Keynesian theory and fossil phase-out. While the first of these may be overcome with adequate industrial and regulatory policy, the second would require a fundamental transformation. This, in turn, is impeded by the third. We argue that more attention should be paid to resolving the residual contradictions and indicate advances in the broader Political Economy and Ecological Economics literature that may serve as a starting point, in particular focusing on human needs.
Subjects: 
post-Keynesian economics
ecological economics
crisis
inequality
ecology
growthE12
Q52
B51
D31
D21
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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