Macroeconomics versus environmental-macroeconomics

Dodo Thampapillai

Australian Journal of Agricultural and Resource Economics, 2012, vol. 56, issue 3, 15

Abstract: When environmental macroeconomic frameworks replace standard macroeconomic frameworks differences in policy outcomes ensue. The non-recognition of real environmental capacity constraints could explain the inability of standard frameworks to deliver on certain macroeconomic goals. Herein, environmental capital depreciation is internalised into analytic frameworks of factor utilisation, aggregate demand and aggregate supply. The analyses reveal that restricted income and wage domains alongside limited environmental capacity constrain economic performance. Hence, environmental capacity expansion and initiatives towards sustainability warrant specific attention. Illustrations are made with reference to the Australian economy and her response to the 2008–2010 global financial crisis.

Keywords: Agricultural and Food Policy; Environmental Economics and Policy (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:ags:aareaj:211674

DOI: 10.22004/ag.econ.211674

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