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Ecological monetary economics: A post-Keynesian critique

Louison Cahen-Fourot and Marc Lavoie

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Abstract: The monetary analysis of some ecological economists currently appears to be mostly articulated around the fol- lowing 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 eco- nomics from the standpoint of another strand of heterodox economics – the post-Keynesian approach. In its cur- rent 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.

Keywords: Growth imperative; Debt-money; Degrowth; Ecological macroeconomics; Ecological monetary economics; Post-Keynesian Economics; Stationary-state (search for similar items in EconPapers)
Date: 2016-04-22
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Published in Ecological Economics, Elsevier, 2016, 126, ⟨10.1016/j.ecolecon.2016.03.007⟩

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DOI: 10.1016/j.ecolecon.2016.03.007

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