Revival of Keynesian Economics or Greening Capitalism: “Green Keynesianism”

Metehan Cömert

Sosyoekonomi Journal, 2019, issue 27(42)

Abstract: Severity of economic crises and environmental collapses have sparked off a renewed interest in revisiting mainstream arguments dominated by neoclassical economic models in a critical way. The idea behind these critisisms is that there is an essential need to develop a new approach that embraces the elements of ecologically sustainable and economically viable solutions for the globalized capitalism of the twenty-first century. After giving a brief overview of debates related to the criticism of mainstream arguments and revival of the Keynesian idea with a new interpretation, this paper explores basic characteristics of “green Keynesianism” and discusses theoretical arguments related to this concept. Also, “green new deal” and its varieties, which might be seen as an extension of the theoretical context of green Keynesianism are examined in a practical manner. Furthermore, the paper deals with the criticisms of various aspects of this new theory.

Keywords: Green Keynesianism; New Deal; Green New Deal; Keynesian Economics; Sustainability; Environment. (search for similar items in EconPapers)
JEL-codes: E60 Q50 (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:sos:sosjrn:190407

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