This paper examines an alternative strategy for sustainability and economic development
based on de-growth assumptions. This concept is proposed by ecological economists, who
consider there to be a natural limitation on economic growth, imposed by necessary
environmental regulation. Moreover they oppose the neoclassical ideas, which are considered
as pro growth theories, arguing that economic growth itself does not contribute to the social
and economic development, therefore it should not be sustained. Accepting this proposition
the author makes an attempt to verify the feasibility of a de-growth strategy for
macroeconomic stability, applying a post-Keynesian methodology for analysis. The Kaleckian
model is used as the basic approach to derive the model restrictions for the de-growth strategy
that maintains macroeconomic stability. The findings of this paper will provide policy
recommendations to sustain macroeconomic stability, while taking full account of the degrowth
assumptions.
II. Table of Content
1. Introduction
2. From growth critics to de-growth
2.1. Historical overview of the economic growth theories and environmental limits
2.2. Formation of the de-growth concept from the environmental perspective
3. Economics of the concepts for sustainability
3.1. Neoclassical environmental approach to sustainability
3.2. Ecological approach to sustainability
3.2.1. The Steady-State economy
3.2.2. The LowGrow model
3.3. Post-Keynesian approach to sustainability
4. De-growth modelling in the Post-Keynesian economic framework
4.1. Kaleckian model and its extensions
4.1.1. Dutt-Amadeo model and Bhaduri-Marglin extension
4.1.2. The impact of financialisation
4.2. The de-growth assumptions in the Kaleckian model
4.2.1. Zero growth assumption in the Dutt-Amadeo, Bhaduri-Marglin, and market financialisation framework
4.2.2. Governmental intervention in the economy
4.2.3. Evaluation of the functioning model with the given notion of de-growth
5. Policy recommendations
6. Conclusion
Bibliography
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