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Ecological monetary economics: A post-Keynesian critique.
- Source :
-
Ecological Economics . Jun2016, Vol. 126, p163-168. 6p. - Publication Year :
- 2016
-
Abstract
- The monetary analysis of some ecological economists currently appears to be mostly articulated around the following 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 economics from the standpoint of another strand of heterodox economics – the post-Keynesian approach. In its current 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. [ABSTRACT FROM AUTHOR]
Details
- Language :
- English
- ISSN :
- 09218009
- Volume :
- 126
- Database :
- Academic Search Index
- Journal :
- Ecological Economics
- Publication Type :
- Academic Journal
- Accession number :
- 114989920
- Full Text :
- https://doi.org/10.1016/j.ecolecon.2016.03.007