Quotation Hafner, Sarah, Anger-Kraavi, Annela, Monasterolo, Irene, Jones, Aled. 2020. Emergence of New Economics Energy Transition Models: A Review. Ecological Economics. 177 (10677)




Well-known academic and non-academic institutions call for a new approach in economics able to capture features of modern economies including, but not limited to, complexity, non-equilibrium and uncertainty. In this paper, we provide a systematic review of ecological macroeconomic models that are suitable for the investigation of low-carbon energy transitions and assess them based on the features considered desirable for a new approach in economics. We draw two main conclusions: firstly, the knowledge base and structure of these existing ecological macroeconomic models are relevant, alongside other types of models, for the creation of a new approach in economics. Secondly, the reviewed models are policy relevant, especially in the context of the complexity and urgency of rapid energy transitions, where increasingly policymakers require economic models able to capture real-world characteristics. However, further improvements are needed to these models and future research should focus on i) assuring comparability of models' results and their policy insights, ii) incorporation of the relationships between macroeconomics, finance and sustainability and iii) the institutionalization of a new approach in economics.


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Publication's profile

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 Emergence of New Economics Energy Transition Models: A Review
Volume 177
Number 10677
Year 2020
Reviewed? Y
URL https://www.sciencedirect.com/science/article/abs/pii/S0921800919307475?via%3Dihub
DOI https://doi.org/10.1016/j.ecolecon.2020.106779
Open Access N


Monasterolo, Irene (Details)
Anger-Kraavi, Annela (University of Cambridge, United Kingdom)
Hafner, Sarah (Anglia Ruskin University, United Kingdom)
Jones, Aled (Anglia Ruskin University, United Kingdom)
Institute for Ecological Economics IN (Details)
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