Naqvi, Syed Ali Asjad, Stockhammer, Engelbert. 2018. Directed Technological Change in a Post-Keynesian Ecological Macromodel. Ecological Economics. 154 168-188.
BibTeX
Abstract
This paper presents a post-Keynesian ecological macromodel, which is stock-flow consistent, and incorporates directed technological change. Private and public R&D spending across three competing, yet complementary inputs – Labor, Capital, and Resources – follow a portfolio allocation decision, where inputs with relatively higher growth in costs, see higher R&D investment and productivity gains. Two policy experiments are reported; a market-based Resource tax increase, and a centralized green policy, where public R&D budget is shifted towards Resource-saving technologies. We highlight that in the presence of labor market institutions, which give rise to hysteresis, and limited R&D budgets, a policy of continuous Resource tax growth is needed to induce Resource-saving technological change to achieve a greener economy. This needs to be coupled with planned government spending adjustment to spur demand and boost investment. The findings also suggest that a mix of market-based and centralized policies may be optimal.
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Status of publication | Published |
---|---|
Affiliation | WU |
Type of publication | Journal article |
Journal | Ecological Economics |
Citation Index | SSCI |
WU Journalrating 2009 | A |
WU-Journal-Rating new | FIN-A, STRAT-B, VW-C, WH-B |
Language | English |
Title | Directed Technological Change in a Post-Keynesian Ecological Macromodel |
Volume | 154 |
Year | 2018 |
Page from | 168 |
Page to | 188 |
Reviewed? | Y |
URL | https://www.sciencedirect.com/science/article/pii/S0921800917311771 |
DOI | https://doi.org/10.1016/j.ecolecon.2018.07.008 |
Open Access | N |
Associations
- People
- Naqvi, Syed Ali Asjad (Details)
- External
- Stockhammer, Engelbert (King's College London, United Kingdom)
- Organization
- Institute for Ecological Economics IN (Details)
- Research areas (ÖSTAT Classification 'Statistik Austria')
- 1133 Computer-aided simulation (Details)
- 2928 Environmental economics (Details)
- 5323 Econometrics (Details)
- 5353 Environmental economics (Details)
- 5368 Sustainable development, sustainable economics (Details)
- 5924 Environmental economics (Details)