{"title":"Energy constraints on macroeconomic paradigms","authors":"Christopher A. Kennedy","doi":"10.1016/j.ecolecon.2024.108361","DOIUrl":null,"url":null,"abstract":"<div><p>The three US macroeconomic policy paradigms of the twentieth century, defined by transformational economic shocks, had distinct energy characteristics. The pre-Keynesian era (to 1929) was dominated by coal; the Keynesian era (1930–1973) witnessed substantial growth with unconstrained access to abundant domestic oil supplies; and the Monetarist era (after ∼1973) was energy constrained. Moreover, the economic shocks that precipitated paradigm changes were rooted in changes to energy supply. The Great Crash of 1929 followed from discovery of vast oil fields in the US Southwest. The collapse of the Bretton Woods system in 1971 occurred in part due to US peak oil production; and together they established the conditions for the First Oil Crisis of 1973.</p></div>","PeriodicalId":51021,"journal":{"name":"Ecological Economics","volume":"226 ","pages":"Article 108361"},"PeriodicalIF":6.6000,"publicationDate":"2024-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0921800924002581/pdfft?md5=1b5a4c844be5849dac78612159ce9400&pid=1-s2.0-S0921800924002581-main.pdf","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Ecological Economics","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0921800924002581","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"ECOLOGY","Score":null,"Total":0}
引用次数: 0
Abstract
The three US macroeconomic policy paradigms of the twentieth century, defined by transformational economic shocks, had distinct energy characteristics. The pre-Keynesian era (to 1929) was dominated by coal; the Keynesian era (1930–1973) witnessed substantial growth with unconstrained access to abundant domestic oil supplies; and the Monetarist era (after ∼1973) was energy constrained. Moreover, the economic shocks that precipitated paradigm changes were rooted in changes to energy supply. The Great Crash of 1929 followed from discovery of vast oil fields in the US Southwest. The collapse of the Bretton Woods system in 1971 occurred in part due to US peak oil production; and together they established the conditions for the First Oil Crisis of 1973.
期刊介绍：
Ecological Economics is concerned with extending and integrating the understanding of the interfaces and interplay between "nature''s household" (ecosystems) and "humanity''s household" (the economy). Ecological economics is an interdisciplinary field defined by a set of concrete problems or challenges related to governing economic activity in a way that promotes human well-being, sustainability, and justice. The journal thus emphasizes critical work that draws on and integrates elements of ecological science, economics, and the analysis of values, behaviors, cultural practices, institutional structures, and societal dynamics. The journal is transdisciplinary in spirit and methodologically open, drawing on the insights offered by a variety of intellectual traditions, and appealing to a diverse readership.
Specific research areas covered include: valuation of natural resources, sustainable agriculture and development, ecologically integrated technology, integrated ecologic-economic modelling at scales from local to regional to global, implications of thermodynamics for economics and ecology, renewable resource management and conservation, critical assessments of the basic assumptions underlying current economic and ecological paradigms and the implications of alternative assumptions, economic and ecological consequences of genetically engineered organisms, and gene pool inventory and management, alternative principles for valuing natural wealth, integrating natural resources and environmental services into national income and wealth accounts, methods of implementing efficient environmental policies, case studies of economic-ecologic conflict or harmony, etc. New issues in this area are rapidly emerging and will find a ready forum in Ecological Economics.
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