Ecological macroeconomics: a methodological review

• Main Author: Saes,Beatriz Macchione
• Publication Date: 2019
• Other Authors: Romeiro,Ademar Ribeiro
• Format: Article
• Language: eng
• Source: Economia e Sociedade
• Download full: http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0104-06182019000200365
• topic: Ecological macroeconomics; Methodological pluralism; Post-Keynesian macroeconomics

Abstract The paper aims to analyse and provide an overview of the emerging ecological macroeconomic approach from a methodological point of view. As with ecological economics, this emerging approach is being constituted by a methodologically plural set of studies. We identify and classify three main macroeconomic strands developed from ecological economic concerns. Firstly, we present the conventional macroeconomic IS-LM model adapted to a sustainable scale of production. Secondly, we discuss a fundamentalist post-Keynesian view on ecological economics that criticises the use of models more heavily. Finally, we describe the attempts to build ecological macroeconomic models based on the post-Keynesian approach. For each model, theories, methods, and assumptions are discussed and evaluated in light of ecological economic foundations. We conclude by reinforcing the role of methodological criticism in the consolidation of relevant ecological macroeconomics.