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2. Recent developments in Post
Keynesian methodology and
their relevance for understanding
environmental issues
Andrew Mearman
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as economic methodology, and from increased awareness of and concern for the environment.
The methodological developments are located in three main literatures, all of which have a potential impact on how Post Keynesians understand
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philosophy and ethics have led to a fresh interpretation of his economics. Especially important is the Treatise on Probability ,FZOFTXIJDI DPOUBJOT B DSJUJRVF PG FYJTUJOH UIFPSJFT PG QSPCBCJMJUZ BOE EFWFMPQT BO BMUFSOBUJWFUIFPSZ5IJTXPSLIBTMFEUPBCFUUFSVOEFSTUBOEJOHPGNFUI
odology, of uncertainty, and of assorted theoretical issues, such as the role and existence of money in the economy.
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a reality existing independent of our present conception of it, which has
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This chapter examines these methodological developments and draws out their implications for a Post Keynesian economics of the environment.
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methodology for environmental economics or to contrast this with exist JOHBMUFSOBUJWFTTVDIBT OFPDMBTTJDBMFOWJSPONFOUBMFDPOPNJDTPS OPO OFPDMBTTJDBMFDPMPHJDBMFDPOPNJDT2 Rather, we consider several common
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related to a Post Keynesian economics of the environment.
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independent of our particular investigation of it. They agree that while it
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ist thought in economics, which sometimes argues that reality is purely
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ontological analysis.
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one of the main strengths of ecological economics, which is that an under TUBOEJOHPGUIFPCKFDUPGLOPXMFEHFBOEPGFDPMPHJDBMDPODFQUTJOGPSNT FDPOPNJD DPODFQUT &YJTUJOH FDPOPNJD DPODFQUT BSF SFKFDUFE JG UIFZ BSF VOBCMF UP JMMVNJOBUF FDPMPHJDBM GBDUPST 1PTU ,FZOFTJBOT DMBJN UIBU JUT SFBMJTNJTBOBEWBOUBHFJOFOWJSPONFOUBMFDPOPNJDT0SUIPEPYUSFBUNFOUT BDDFQUUIBUUIFSFJTBSFBMJUZCVUBSFMFTTDPODFSOFEUIBUUIFJSUIFPSJFTBSF SFBMJTUJDUIFZBSFIBQQZUPVTFDPOWFOJFOUɲDUJPOTTVDIBTUIFOPUJPOPGB SBUJPOBMFDPOPNJDQFSTPONBYJNJ[JOHUIFJSVUJMJUZ"TJNJMBSDPODFSOGPS SFBMJTNFYJTUTJOFDPMPHJDBMFDPOPNJDT'PSFYBNQMF(PXEZ BSHVFT
that models of the consumer in environmental analysis should capture
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While the capital controversy centred on several theoretical curiosa, an
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The capital controversy may have implications for the concept of natural
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From the perspective of the capital controversies, however, we must
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Further, when some natural capital is critical, and other natural capital is
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one for another.
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evolved, Keynes adopted an organic ontology. Drawing on Winslow
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and output, invader and invaded, and so on. Social examples of internal relations include landlord–tenant, master–slave and employer–employee.
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of factors of production.
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with Critical Realism, and with other Post Keynesian perspectives such
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systems theory.
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for discussing some of the main characteristics of open systems and their implications.
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Events
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(Mechanisms)
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tends to treat outside factors as an inconvenience for their models. This is
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and create new emergent phenomena. The history of the system therefore matters in understanding its current state. For this reason, the system is
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the ecological. It is therefore incorrect to envisage the economic and the
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mental economics. The concept of depth also enriches all the approaches
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and physical mechanisms. Therefore, any ecological feature or event is
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a product of the physical and chemical mechanisms (and hence engineer JOH5IFFDPOPNJDNFDIBOJTNTBSFUIPTFDBVTJOH JOUIFTFOTFPGBUFN QPSBMDBVTBMTFRVFODFBQBSUJDVMBSQSPEVDUJWFUFDIOPMPHZUPCFDIPTFO $MBTTSFMBUJPOTNBZBMTPBɱFDUUIFDIPJDFPGUFDIOPMPHZ5IFQIZTJDBMBOE DIFNJDBMPVUQVUBMTPBɱFDUTUIFCJPMPHJDBMOBUVSFPGUIFSJWFSBOEIVNBOT 5IFDIFNJDBMJOUIFSJWFSIBSNTPSHBOJDFMFNFOUTJOUIFSJWFSTVDIBTɲTI BOEBOZUIJOHFMTFUIBUDPOTVNFTUIFXBUFSPSUIFɲTI5IFQPMMVUJPONBZ DBVTF JMM IFBMUI BOE UIF MPTT PG FOKPZNFOU GSPN BDUJWJUJFT SFMBUFE UP UIF SJWFSTVDIBTTXJNNJOHPSɲTIJOH5IFGBDUUIBUUIFQPMMVUJPOJTOPUJDFE
is the result of social mechanisms that value rivers and create institutional structures for monitoring them. The impulse to act against pollution is, in turn, partly psychological and partly cultural (it may emanate from reli HJPVTPSPUIFSDVMUVSBMOPSNT
This story is familiar to economists. What does the concept of ontologi
cal depth add? Principally, it impels comprehending the pollution as not
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higher layers in the overall structure, such as the economic, are dependent
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properties which are emergent from the lower.
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(a) Economy and ecology as separate, interacting spheres
(b) Economy as lying within the ecological
(c) Economic emergent from ecological
Ecological Economic
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dealing with highly complex ecological issues. That does not mean that an economist must understand every detail of every aspect at every layer of
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economy and ecology.
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economists ignore the underlying physical to focus on the economic, and
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ments. Further, the lessons from methodological developments such as
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However, analysis in terms of depth and causal mechanisms means that it is important to focus on mechanisms, and their potential activity
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The concept of depth does not let us determine the mechanisms that are most important. Clearly, when applied to the environment, this is crucial.
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hierarchy of mechanisms to consider. There is an analogy here with lexi DPHSBQIJDQSFGFSFODFTXIJDIJNQMZUIBUTVCTUJUVUBCJMJUZCFUXFFOHPPETJT OPU DPNQMFUF WBO EFO #FSHI FU BM (FMTP BOE 1FUFSTPO
Lexicographic preferences are a staple of Post Keynesian consumer theory (see Lavoie, 1992, passim
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and no tendency to change. While some meanings of the term (for example,
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tal economics, and even on ecological economics (where optimum is a less
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environment concerns uncertainty. It is clear that environmental analysis
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the world. Davidson claims that through crucial decisions (those that are
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That has implications for economic modelling and for the economy. It
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refocused attention on Keynes and provide ontological support for his views.
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an example.
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life. Under such circumstances, simply extrapolating from past instances
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parallels in complexity theory. In complex adaptive systems, agents adapt to new circumstances, often creating new rules and routines and mecha OJTNTUIBUHPWFSOGVUVSFCFIBWJPVSUIFSFCZDSFBUJOHFNFSHFOUQIFOPN
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one of these outcomes, or even of counteracting events or mechanisms,
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little support for any estimate, however precise.
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and weigh them against future costs. Such an approach assumes methods
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tion of the future and its translation into present values.
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and error, not in the sense of moving incrementally to a perfect theory,
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on reality, particularly if there are parts of it which are more atomistic.
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other interfering factors will change the conclusion.
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models generally predict a dire future, there are a range of models and
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of econometrics in an organic reality. Econometrics assumes an inde QFOEFODFPGPCTFSWBUJPOTBOEUIJTJOUVSOBTTVNFTBOBUPNJDSBUIFSUIBO PSHBOJDSFBMJUZ5IJTDSJUJRVFIBTCFFOFNCSBDFECZ%BWJETPOCZ$SJUJDBM 3FBMJTNBOECZ%PX"MMBSHVFBHBJOTUUSBEJUJPOBMNFUIPETPGFDPOPNJD BOBMZTJTESJWFOCZFDPOPNFUSJDTCFDBVTFUIFZSFMZPODMPTFETZTUFNT
Such arguments can appear rather sceptical and even nihilistic. What
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monly held in ecological economics. The precautionary principle holds
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understood in the context of uncertainty, open systems and the limited
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often follows the others.
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1-63"-*4.
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of realities, or a fragmented, complex reality in which there is a plurality of heterogeneous types of entity. Given that, and given the difficulties in
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Given the difficulty of choosing the correct method, some authors have
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single investigation, multiple data types, theoretical accounts, methods
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weight of the argument.
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Keynesian methodology should act only as suggestions for practice, not
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economics of the environment, which is rooted in the methodology of the
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to economics, especially its methodological positions and recommenda
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have already drawn on Post Keynesian influences, for instance on natural
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