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Recovering and extending classical and Marshallian foundations for post-Keynesian environmental economics

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Post-Keynesians emphasise the critical roles of institutional structures and production in economic life. An assumption of the plasticity of production has led to the neglect of the underlying physical and ecological requirements of production and the dependence of human economies on nature's resources and production. The task of developing an environmental economics cannot be separated from the development of a production theory grounded in the physical and ecological connections and constraints of natural systems. Post-Keynesian theories of production must be extended to include the material and energy resources and contributions of natural systems to economic activity. Fortunately, these ideas were given a considerable development in the pre-classical and classical period. Early economic production theories can provide critically important ideas for the development of the critical links between resources, economy, and environment. Post-Keynesians should work together with the new discipline of Ecological Economics to develop a unified approach to resources and environment.

Keywords: classical economics, Marshall, post-Keynesian economics, biophysical foundations, economy-environment interactions, environmental economics, production theory, natural resources, ecological economics

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