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Revival of Keynesian Economics or Greening Capitalism: “Green Keynesianism”

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  • Metehan CÖMERT

Abstract

Severity of economic crises and environmental collapses have sparked off a renewed interest in revisiting mainstream arguments dominated by neoclassical economic models in a critical way. The idea behind these critisisms is that there is an essential need to develop a new approach that embraces the elements of ecologically sustainable and economically viable solutions for the globalized capitalism of the twenty-first century. After giving a brief overview of debates related to the criticism of mainstream arguments and revival of the Keynesian idea with a new interpretation, this paper explores basic characteristics of “green Keynesianism” and discusses theoretical arguments related to this concept. Also, “green new deal” and its varieties, which might be seen as an extension of the theoretical context of green Keynesianism are examined in a practical manner. Furthermore, the paper deals with the criticisms of various aspects of this new theory.

Suggested Citation

  • Metehan CÖMERT, 2019. "Revival of Keynesian Economics or Greening Capitalism: “Green Keynesianism”," Sosyoekonomi Journal, Sosyoekonomi Society, issue 27(42).
    • Handle: RePEc:sos:sosjrn:190407
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    References listed on IDEAS

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    1. Barbier,Edward B., 2010. "A Global Green New Deal," Cambridge Books, Cambridge University Press, number 9780521763097, September.
    2. Eric Berr, 2015. "Sustainable development in a post Keynesian perspective: why eco-development is relevant to post Keynesian economics," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 37(3), pages 459-480, July.
    3. Andrew Mearman, 2007. "Post Keynesian economics and the environment: waking up and smelling the coffee burning?," International Journal of Green Economics, Inderscience Enterprises Ltd, vol. 1(3/4), pages 374-380.
    4. Richard P.F. Holt & Steven Pressman & Clive L. Spash (ed.), 2009. "Post Keynesian and Ecological Economics," Books, Edward Elgar Publishing, number 12988.
    5. Andrew Dobson, 2007. "Environmental citizenship: towards sustainable development," Sustainable Development, John Wiley & Sons, Ltd., vol. 15(5), pages 276-285.
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    More about this item

    Keywords

    Green Keynesianism; New Deal; Green New Deal; Keynesian Economics; Sustainability; Environment.;
    All these keywords.

    JEL classification:

    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • Q50 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - General

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