Title: A post-Keynesian innovation policy for sustainable development

Authors: Jerry Courvisanos

Addresses: School of Business, University of Ballarat, P.O. Box 663, Ballarat, Victoria, 3353, Australia

Abstract: Innovation and the environment are perceived as being in conflict within mainstream economics. Both are neglected themes in post-Keynesian economics, despite their prominence in general business discourse. A post-Keynesian ||eco-sustainable framework|| is specified, which can stimulate innovation with supportive public policy tools for the attainment of sustainable economic and ecological development. The framework aims at satisficing towards a ||sustainable society|| based on the work of Michal Kalecki and Adolph Lowe. Kalecki argues for social control of investment, while Lowe argues for ||instrumental analysis|| to public policy, linking human agency (imagination) to investment behaviour for the purpose of setting long-term goals. The goals are specified in terms of ecologically sustainable rules in the context of long-term carrying capacities of the ecosystem. Practical applications of this framework are also outlined.

Keywords: environment policy; ecological economics; investment planning; sustainable development; public policy framework; complexity systems; environmental economics; post-Keynesian economics; innovation policy; eco-sustainable framework.

DOI: 10.1504/IJEWE.2005.006384

International Journal of Environment, Workplace and Employment, 2005 Vol.1 No.2, pp.187 - 202

Published online: 02 Mar 2005 *

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