A post-Keynesian innovation policy for sustainable development

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.

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