Bioeconomics and post Keynesian economics: a search for common ground

Abstract

This paper is concerned with the links between two schools of economic thought which challenge the neoclassical synthesis. Bioeconomics refers to that school of economics stressing the fact that the human species is a part of the larger biosystem of the planet and ultimately subject to the same laws and limitations as other life forms. Post Keynesian economics is a specific school of macroeconomics stressing the fundamental ideas of Keynes, Marx, and Kalecki concerning uncertainty, the nature of production, and the role of government in economic affairs. Bioeconomics and post Keynesian economics have much in common in terms of their methodological framework, their emphasis on production rather than exchange, and their interpretation of the social rate of discount. A potential area of conflict between the two schools is their attitude toward economic growth. The areas of commonality between the two schools are discussed and a research and policy program which combines the insights of both approaches is suggested.