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Directed Technological Change in a Post-Keynesian Ecological Macromodel
- Source :
- Ecological Economics. 154:168-188
- Publication Year :
- 2018
- Publisher :
- Elsevier, 2018.
-
Abstract
- This paper presents a post-Keynesian ecological macro model that combines three strands of literature: the directed technological change mechanism developed in mainstream endogenous growth theory models, the ecological economic literature which highlights the role of green innovation and material flows, and the post-Keynesian school which provides a framework to deal with the demand side of the economy, financial flows, and inter- and intra-sectoral behavioral interactions. The model is stock-flow consistent and introduces research and development (R&D) as a component of GDP funded by private firm investment and public expenditure. The economy uses three complimentary inputs - Labor, Capital, and (non-renewable) Resources. Input productivities depend on RD a Resource tax increase, and an increase in the share of public R&D on Resources. Model results show that policy instruments that are continually increased over a long-time horizon have better chances of achieving a "green" transition than one-of climate policy shocks to the system, that primarily have a short-run affect.
- Subjects :
- Economics and Econometrics
502025 Ökonometrie
020209 energy
Public expenditure
02 engineering and technology
Post-Keynesian economics
102009 Computer simulation
0502 economics and business
0202 electrical engineering, electronic engineering, information engineering
Economics
502022 Nachhaltiges Wirtschaften
050207 economics
General Environmental Science
502022 Sustainable economics
Ecological economics
Endogenous growth theory
Ecology
Technological change
502042 Umweltökonomie
05 social sciences
502042 Environmental economics
economics
Investment (macroeconomics)
Capital (economics)
502025 Econometrics
Stock-Flow consistent model
102009 Computersimulation
Subjects
Details
- Language :
- English
- ISSN :
- 09218009
- Volume :
- 154
- Database :
- OpenAIRE
- Journal :
- Ecological Economics
- Accession number :
- edsair.doi.dedup.....13346b9a99d9ecc0c2edd06cee00ed8b