What is it about?
The generally-accepted hypothesis that employment can be generated by increasing an economy's rate of growth is refuted because when an economy is environmentally-constrained, only certain types of growth are possible. That is, macroeconomic policy must include provisions directing increases in production towards low-throughput sectors and away from general demand-enhancing policies.
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Why is it important?
This paper is important because macroeconomists still rarely take the environmental consequences of economic growth into consideration when analysing macroeconomic policy. Standard policies will inevitably fail given what we know about the state of the natural environment today.
Perspectives
This article is the result of a long process of revising my perspective on macroeconomics after breaking out of the neoclassical box that mainstream economics imposes on us.
Hendrik Van den Berg
University of Massachusetts Amherst Digital Media Lab
Read the Original
This page is a summary of: Macroeconomic Policy in an Environmentally-Constrained Economy: A Dialectical Materialist Application of the Harrod Growth Model, Review of Radical Political Economics, June 2019, SAGE Publications,
DOI: 10.1177/0486613419849658.
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