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Electricity provisioning under the Green New Deal: a Modern Monetary Theory approach

In: The Elgar Companion to Modern Money Theory

Author

Listed:
  • Avraham I. Baranes
  • Mitchell R. Green

Abstract

This chapter applies theories of institutional adjustment and Modern Monetary Theory to the problem of rapidly transitioning to an electricity provisioning system consistent with the Green New Deal. It argues the current obstacles are primarily financial, not technological, in nature, and offers a high-level policy framework for using fiscal tools at the federal level that overcomes the obstacle, while protecting ratepayers from cost burdens. Drawing upon theories of institutional adjustment after John Fagg Foster, the chapter shows that it is feasible to craft a policy solution to the financial barriers to adoption of rapid transition to a clean and renewable grid, even under relatively conservative assumptions for institutional change.

Suggested Citation

  • Avraham I. Baranes & Mitchell R. Green, 2024. "Electricity provisioning under the Green New Deal: a Modern Monetary Theory approach," Chapters, in: Yeva Nersisyan & L. R. Wray (ed.), The Elgar Companion to Modern Money Theory, chapter 31, pages 399-410, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:18498_31
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    File URL: https://www.elgaronline.com/doi/10.4337/9781788972246.00042
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