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Ecological macroeconomics: a methodological review * (1) Indeed, the development of welfare indicators is significant for ecological macroeconomics since more appropriate indicators of welfare can be used as goals not only for economic policies but also for macroeconomic models. That is, ecological macroeconomic models may use different welfare indicators so as to take into consideration various aspects of well-being. For instance, the Genuine Progress Indicator (GPI) takes into account environmental and social factors which are not measured by GDP. For an estimation of GPI for Brazil see Andrade and Garcia (2015).

Macroeconomia ecológica: uma revisão metodológica

Abstract

The paper aims to analyse and provide an overview of the emerging ecological macroeconomic approach from a methodological point of view. As with ecological economics, this emerging approach is being constituted by a methodologically plural set of studies. We identify and classify three main macroeconomic strands developed from ecological economic concerns. Firstly, we present the conventional macroeconomic IS-LM model adapted to a sustainable scale of production. Secondly, we discuss a fundamentalist post-Keynesian view on ecological economics that criticises the use of models more heavily. Finally, we describe the attempts to build ecological macroeconomic models based on the post-Keynesian approach. For each model, theories, methods, and assumptions are discussed and evaluated in light of ecological economic foundations. We conclude by reinforcing the role of methodological criticism in the consolidation of relevant ecological macroeconomics.

Keywords:
Ecological macroeconomics; Methodological pluralism; Post-Keynesian macroeconomics

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