Quotation Rezai, Armon, Stagl, Sigrid. 2016. Ecological Macroeconomics: Introduction and Review. Ecological Economics 121, 181-185.


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Abstract

The Great Recession of the past years has brought macroeconomics back. Many of the recession's phenomena, causes and consequences alike, cannot be understood using solely microeconomic decision-making. Over the past decades the economics profession has pursued the implications of rational choices and enshrined them in so-called micro-foundations as a hallmark of modern economic theory. By focusing on the choices and actions of individual consumers, firms, or the government, however, one can easily miss important determinants of the economic system which only arise at the meso- or the macroeconomic levels where institutions, coordination, and complexity in general are important and sometimes even can take on a life of their own. To lesser extent, ecological economics has fallen prone to similar pitfalls by mostly focusing the unit of investigation on low-level, small-scale subsystems of the economy. There are, of course, notable exceptions including the early contributors Boulding and Georgescu-Roegen and the general interest of ecological economists in the field of (ecological) macroeconomics has been increasing.

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  • INEQ Ecological Inquality

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 Ecological Macroeconomics: Introduction and Review
Volume 121
Year 2016
Page from 181
Page to 185
Reviewed? Y
URL http://www.sciencedirect.com/science/article/pii/S0921800915004747
DOI http://dx.doi.org/10.1016/j.ecolecon.2015.12.003

Associations

Projects
Financialisation, growth and biophysical boundaries
People
Rezai, Armon (Details)
Stagl, Sigrid (Details)
Organization
Institute for Ecological Economics IN (Details)
Economics of Inequality FI (Details)
Research areas (Ă–STAT Classification 'Statistik Austria')
2928 Environmental economics (Details)
5325 Political economics (Details)
5334 Political economic policy (Details)
5335 Political economic theory (Details)
5341 Economic policy (Details)
5353 Environmental economics (Details)
5924 Environmental economics (Details)
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