Macroeconomics versus environmental-macroeconomics

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.


Issue Date:
2012
Publication Type:
Journal Article
PURL Identifier:
http://purl.umn.edu/211674
Published in:
Australian Journal of Agricultural and Resource Economics, Volume 56, Issue 3
Page range:
332-346
Total Pages:
15




 Record created 2017-04-01, last modified 2017-08-28

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