The convergence between the Post-Keneysian and the ecological economy: Critical assessment and remarks on green financing
Abstract
There are recent attempts to bring ecological economics and post-Keynesian economics closer, whose synthesis efforts are taking place in a context of intertwining economic, social, political, and ecological crises. From this integration, a new discipline called post-Keynesian ecological macroeconomics has been consolidated. This article seeks to recover this synthesis effort by analyzing the hard cores of post-Keynesian and ecological economics. The article highlights the importance of the so-called green finance, a relatively new topic, especially among ecological economists. We argue that the approximation between ecological economics and post-Keynesian economics allows a better understanding and framing of green finance as an essential analytical category for an ecological transition. Lastly, despite the environmental warnings, we show that funding for environmentally degrading activities is still increasing.
Downloads
References
Aggio, Gustavo. (2018). O desenvolvimento de uma macroeconomia ecológica orientada pela demanda e a questão do desemprego sob restrições ecológicas. Unicamp Texto para discussão, n. 325, 19p.
Alvarenga Jr, M. & Young, C. E. F. (2021). Princípios para construção de uma macroeconomia pós-keynesiana do meio ambiente: revisitando Keynes em tempos de crises. In: Cattan, R., Andrade, D., Terra, F. (eds) Dossiê especial AKB e ECOECO, 1ed, p. 84-94.
Andrade, Daniel Caixeta & Romeiro, Ademar Ribeiro. (2011). Degradação ambiental e teoria econômica: algumas reflexões sobre uma “economia dos ecossistemas”. Economia, v. 12 (1) 3-26.
Banking on climate chaos. (2022). Report Banking on climate chaos fossil fuel finance report. Disponível em < greencentralbanking.com>. Acesso em outubro de 2022.
Barbieri, F. Feijó, R. (2013). A metodologia do pensamento econômico (1a Ed.). Editora Atlas.
Berr, Eric. (2009). “Keynes and sustainable development”. International Journal of Political Economy, 38(3), p. 22-38. Doi: https://doi.org/10.2753/IJP0891-1916380302
Berr, Eric. (2017). Post Keynesian economics and sustainable development. In: Spash, C. (org) Routledge Handbook of Ecological Economics. Routledge, 1 ed, p. 67-76.
Bhandary, Rishikesh Ram & Gallagher, Kelly Sims & Zhang, Fang. (2021). Climate finance policy in practice: a review of the evidence. Climate Policy, v. 21 (4), p. 529 -545. Doi: https://doi.org/10.1080/14693062.2020.1871313
Blaug, Mark. (1993). Metodologia da economia ou como os economistas explicam (2a Ed.). Ed. Usp.
Boehm, S., Lebling, K., Levin, K., Fekete, H., Jaeger, J., Waite, R., Nilsson, A., Thwaites, J., Wilson, R., Geiges, A. (2021). State of Climate Action 2021: Systems Transformations Required to Limit Global Warming to 1.5° C. 2021. Doi: https://doi.org/10.46830/wrirpt.21.00048
Bresser-Pereira, Luiz Carlos. (2009). Os dois métodos e o núcleo duro da teoria econômica. Brazilian Journal of Political Economy, v. 29, p. 163-190. Doi: https://doi.org/10.1590/S0101-31572009000200001
Carvalho, F. J. C. (1992). Mr. Keynes and the Post-Keynesians (1a Ed.). Editora Elgar.
Cato, M. S. (2013). The Paradox of Green Keynesianism. U. K.: Green House, 2013. Disponivel em < green_keynesianism.pdf (greenhousethinktank.org) >. Acesso em 22 julho de 2022.
Cechin, A. & Veiga, J. E. (2010). O fundamento central da economia ecológica. In: May, P. (ed) Economia do meio ambiente: teoria e prática, 1ed, v. 2, p. 33-48.
Chalmers, Alan Francis. (1993). O que é ciência afinal? (2a Ed.). São Paulo: Brasiliense.
Chick, V. (2004). “On open systems”. Revista Brasileira de Economia Política, v.24 (1), p. 3-16. Doi: https://doi.org/10.1590/0101-31572004-1638
Costanza, R. Erickson, J.D., Farley, J., Kubiszewski, I. (2020). What is ecological economics and why we need it now more than ever. In: Costanza, R., Farley. J. (eds). Sustainable wellbeing furtures: a research and action agenda for ecological economics. Edward Elgar Publishing Limited: Northampton, 2020.
CPI – Climate Policy Iniciatite. (2021). Report: Global Landscape of Climate Finance. Disponível em < Climate Finance Landscapes - CPI (climatepolicyinitiative.org)>. Acesso em agosto de 2021.
Crowley, Kate. (1999). Jobs and environment: the “double dividend” of ecological modernisation? International Journal of Social Economics, v. 26, n. 7/8/9, p. 1013-1027. Doi: https://doi.org/10.1108/03068299910245787
Daly, Herman E. (1996). Beyond Growth: The Economics of Sustainable Development (2a Ed.). Boston: Beacon Press.
Daly, Herman E. (1968). On economics as a life science. Journal of political economy, v. 76, n. 3, p. 392-406. Doi: https://doi.org/10.1086/259412
Daly, Herman E. (1991). Towards an environmental economics. Land Economics, v. 67 (2), p. 255-259.
Feil, Fernanda, Feijó, Carmen. (2021). Development banks as an arm of economic policy – promoting sustainable structural change. International Journal of Political Economy, v 50, n. 1, p. 44-59. Doi: https://doi.org/10.1080/08911916.2021.1894827
Fontana, Giuseppe, Sawyer, Malcolm. (2016). Towards post-Keynesian ecological macroeconomics. Ecological Economics, v. 121, p. 186-195. Doi: https://doi.org/10.1016/j.ecolecon.2015.03.017
Friedman, M. (1953). The methodology of positive economics. In: Friedman, M. (ed) Essays in Positive Economics. Chicago, IL: Chicago University Press.
Furtado, C. (1974). O Mito do Desenvolvimento Econômico (2a Ed.). Rio de Janeiro: Paz e Terra.
G20 – Grupo dos 20. (2016). Green Finance Study Group. Green Finance Synthesis. Report. 5. September. Disponível em < g20sfwg.org/wp-content/uploads/2021/06/2017_GFSG_Synthesis_Report_EN.pdf >. Acesso em out de 2020.
Georgescu-Roegen, N. (1954). Choice, expectations and measurability. Q. J. Econ., 68: 503-534, 1954.Doi: https://doi.org/10.2307/1881875
Georgescu-Roegen, N. (1971). The Entropy Law and the Economic Process. (1a Ed.). Cambridge, MA: Harvard University Press.
Gowdy, John M. (1991). Bioeconomics and post Keynesian economics: a search for common ground. Ecological economics, v. 3 (1), p. 77-87. Doi: https://doi.org/10.1016/0921-8009(91)90049-K
Harcourt, Geoff C. (2016). The structure of post-Keynesian economics: the core contributions of the pioneers. In: Halevi, J & Harcourt, G. & Kriesler, J. & Nevile, J. (eds) Post-Keynesian Essays from Down Under Volume IV: Essays on Theory. Palgrave Macmillan, London. p. 289-301, 1 ed.
Harris, Jonathan M. (2013). Green Keynesianism: Beyond standard growth paradigms. Working paper n. 13-02. Global development and environment institute, 19p.
Höhne, N. & Khosla, S. & Fekete, H. & Gilbert, A. (2022). Mapping of green finance delivered by IDFC members in 2011. Cologne: Ecofys. Disponível em . Acesso em 07 abril de 2022.
Holt, Richard. (2005). Post-Keynesian economics and sustainable development. International Journal of Environment, Workplace and Employment, v. 1 (2), p. 174- 186. Doi: https://doi.org/10.1504/IJEWE.2005.006383
Inesc - Instituto de Estudos Socioeconômicos. (2020). Relatório. Disponível em . Acesso em 20/03/2021.
Keynes, J. M. (1936). The general theory of employment, interest, and money. London: Macmillan.
Keynes, John Maynard. (1930). As possibilidades econômicas de nossos netos. In: Szmrecsányi, Tamás (Org.). Keynes. São Paulo: Ática, 1984. (Coleção Grandes Cientistas Sociais).
KFW - Kreditanstalt für Wiederaufbau. (2017). Green finance–green banking. KFW Research.
Kronenberg, Tobias. (2010). Finding common ground between ecological economics and postKeynesian economics. Ecological economics, v. 69 (7), p. 1488-1494. Doi: https://doi.org/10.1016/j.ecolecon.2010.03.002
Krugman, P. (2009). Como os economistas puderam errar tanto? Econômica, 11(2).
Kühne, Kjell & Bartsch, N. & Tate, R. & Higson, J. & Habetf, A. (2022). “Carbon Bombs”-Mapping key fossil fuel projects. Energy Policy, v. 166, p.1-10. Doi: https://doi.org/10.1016/j.enpol.2022.112950
Lagoarde-Segot, Thomas & Martínez, Enrique A. (2021). Ecological finance theory: New foundations. International Review of Financial Analysis, v. 75 (1), p. 101-741. Doi: https://doi.org/10.1016/j.irfa.2021.101741
Lakatos, Imre. (1979). O falseamento e a metodologia dos programas de pesquisa científica. In: Lakatos, I. & Musgrave, A. (eds). A crítica e o desenvolvimento do conhecimento. São Paulo: Cultrix, p. 109-243, 1 ed.
Lavoie, M. (2014). Post-Keynesian economics: new foundations (2a Ed.). E. Elgar Publishing.
Lindenberg, Nannette. (2014). Definition of green finance. German Development Institute. 2014.
Marques, P. R. (2020). As propostas internacionais para um Green New Deal: pautando a transição para uma economia verde no Brasil pós-pandemia. Nota de política econômica - Centro de pesquisa em macroeconomia das desigualdades, divulgado em 12/11/2020.
Mazzucato, Mariana. (2020). O valor de tudo: Produção e apropriação na economia global (1a Ed.). Portfolio-Penguin.
Mohd, Sharif & Kaushal, Vijay Kumar. (2018). Green finance: a step towards sustainable development. MUDRA: Journal of Finance and Accounting, v. 5 (1), p. 59-74. Doi: https://doi.org/10.17492/mudra.v5i01.13036
Monserand, A. (2019). Degrowth in a neo-Kaleckian model of growth and distribution? A theoretical compatibility and stability analysis. Working Paper 2019-01. Centre d'Economie de l'Université de Paris Nord (CEPN). 28p.
Müeller, C.C. (2007). Os economistas e as relações entre o sistema econômico e o meio ambiente (1a Ed.). Brasília: UnB.
Oreiro, J. (2011). Economia pós-keynesiana: origem, programa de pesquisa, questões resolvidas e desenvolvimentos futuros. Ensaios FEE, 32(2).
Perez, Carlota. (2016). Capitalism, technology and a green global golden age: the role of history in helping to shape the future. In: Jacobs, M. & Mazzucato, M. (eds) Rethinking Capitalism: Economics and Policy for Sustainable and Inclusive Growth, v. 1, p. 191-217.
Pollitt, Hector. (2022). Can Economic Growth Last Forever?. In: Arestis, P. & Sawyer, M. (eds) Economic Policies for Sustainability and Resilience. Palgrave Macmillan, p. 45-90, 1ed.
PWC - Pricewaterhouse Coopers Consultants. (2013). Exploring Green Finance Incentives in China.
Rezai, A. & Stagl, S. (2016). Ecological Macroeconomics: Introduction and Review. Working Paper Series Nr. 9/Year 2/2016, Institute for ecological economics Vienna University of Economics and Business, 15p.
Rifkin, Jeremy. (2019). El Green New Deal Global (1a Ed.). Madrid: La Vanguardia.
Robinson, Joan. (1980). Time in economic theory. Kyklos, v. 33 (2), p. 219-229. Doi: https://doi.org/10.1111/j.1467-6435.1980.tb02632.x
Romer, P. (2016), ‘The Trouble with Macroeconomics’. Disponível em: <https://paulromer.net/wp-content/ uploads/2016/09/WP-Trouble.pdf>. Acesso em jan de 2022.
Saes, Beatriz & Romeiro, Ademar. (2019). Ecological macroeconomics: a methodological review. Economia e Sociedade, v. 28 (1), p. 365-392. Doi: http://dx.doi.org/10.1590/1982-3533.2019v28n2art04
Samuelson, Paul & Nordhaus, William. (2009). Economics (2a Ed.). McGraw Hill.
Schincariol, V. E. (2013). Repensando a teoria pós-keynesiana da acumulação à luz da lei da entropia. Revibec: revista de la Red Iberoamericana de Economia Ecológica, v. 21, p.15-28.
Schincariol, Vitor. Teoria pós-keynesiana e economia ecológica: esboço de aproximação teórica. In: IPEA (ed), Política externa, espaço e desenvolvimento, livro 3, p. 147-172, 1ed.
Semieniuk, Gregor & Mazzucato, Mariana. (2019). Financing green growth. In: Fouquet, R. (ed) Handbook on Green Growth. Edward Elgar Publishing, 2019, p. 240-259, 1ed.
Solow, Robert M. (1974). The economics of resources or the resources of economics. In: Gopalakrishnan, C (ed) Classic papers in natural resource economics. Palgrave Macmillan, London. p.257-276, 1 ed.
Sunkel, Osvaldo. (1980). Introdução. In: Sunkel, O. & Glico, N. (eds) Estilos de desarrollo y medio ambiente en la América Latina. p. 9-65, 1 ed.
Tayra, Flávio & Reis, Julia Araujo. (2020). Impactos dos subsídios aos combustíveis fósseis: impostos sobre carbono e desdobramentos no Brasil. Revista Contexto Geográfico, 5 (10), p. 116-132. Doi: https://doi.org/10.28998/contegeo.v5i10.11587
Urgewald. (2021). Report: Groundbreaking Research Reveals the Financiers of the Coal Industry. Disponível em . Acesso em fev de 2021.
Copyright (c) 2023 Luiz Henrique Bispo Santos, Daniel Caixeta Andrade
This work is licensed under a Creative Commons Attribution 4.0 International License.
- Authors keep copyrights and concede to the Journal the right to the first publication, with the paper simultaneously licenced under the Creative Commons Attribution 4.0 International License which allows recognised author and journal work sharing.
- Authors are authorized to assume additional contracts separately, for non-exclusive versions of the paper published in this journal (e.g.: publish in an instituional repository or as a book chapter) with the recogntion of authorship and initial publication in this journal.
- Authors are allowed (and are estimulated) to publish and distribute their work online (e.g.: in institutional repositories or at their personal websites) at any point before or during the editorial process, once this may generate productive alterations on the paper, as well as increse the factor of impact and quotation of the published paper (please, see Free Access Effect)