From ecological macroeconomics to a theory of endogenous money for a finite planet
| Autor: | Dominique Dron, Etienne Espagne, Romain Svartzman |
|---|---|
| Rok vydání: | 2019 |
| Předmět: |
Macroeconomics
Economics and Econometrics Ecological economics Endogenous money 010504 meteorology & atmospheric sciences Ecology media_common.quotation_subject Corporate governance 1. No poverty 010501 environmental sciences 01 natural sciences Faith 13. Climate action Green New Deal Economics Endogeneity Commons Stock (geology) 0105 earth and related environmental sciences General Environmental Science media_common |
| Zdroj: | Ecological Economics. 162:108-120 |
| ISSN: | 0921-8009 |
| Popis: | This paper takes stock of the achievements and gaps of the emerging field of ecological macroeconomics, which has brought insights from specific schools of macroeconomics—most notably post-Keynesian—to ecological economics, with a strong emphasis on the endogeneity of money. Ecological macroeconomics has proposed fiscal, monetary and prudential reforms to boost ‘green’ investments, and developed new modeling frameworks to explore the interactions between the financial, macroeconomic and biophysical spheres. While these proposals open a broader range of possibilities to engage in a socio-ecological transition than those offered by the current paradigm of a financialized global economy, they paradoxically suffer from similar limitations. By placing much faith in ‘green’ investments, they impose a vision of the transition that presents strong technical and institutional limitations. The field also fails to revisit its own understanding of macroeconomics and of specific phenomena—e.g. financial instability—through a biophysical lens, in spite of increasing transdisciplinary evidence supporting this approach. We suggest overcoming these limitations through institutionalist perspectives that understand money as a language through which value is created and legitimized. Those perspectives seem essential to re-embed the governance of money within a worldview that acknowledges the finiteness and incommensurable values of Earth's life support systems. |
| Databáze: | OpenAIRE |
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