Ecological macroeconomics attempts to combine the traditional lessons of ecological economics, which understands the economy as a subsystem of the biosphere, with the analysis of contemporary capitalism offered by Post-Keynesian economics. Ecological macroeconomics is very much a work in progress entailing a rethinking of many of the core concepts and assumptions in mainstream economics and potentially offering a new and better way of understanding the macro economy and its contribution to the well-being of humans and all life on Earth.

By completing this course, students will:

1.    Understand the main principles of ecological economics

2.    Understand the main principles of Post-Keynesian economics

3.    Appreciate the challenges of combining ecological economics Post-Keynesian economics and the progress being made

4.    Learn from practical experience about alternative measures of progress (see below).

The course, which will be conducted in English, will be offered in 3 phases spread over the term:

Phase 1 (Profs Stagl and Rezai):

This will be an introductory session to explain the syllabus, introduce the readings, respond to students’ questions and generally prepare students for Phase 2.

Phase 2 (Prof Victor)

This is the core of the course. It will be a week’s intensive study of ecological macroeconomics. There will be four meetings of 3 hours each that will be a combination of a lecture, student-led discussions of assigned readings, and in-class project on alternative measures of progress. On 13 October (class 2) students will attend an all-day workshop on ecological economics as part of the inauguration of a new research institute.

The task of the seminar leaders is to stimulated discussion of the papers through observations about the strengths and weaknesses of the papers and questions to the class. Seminar leaders should assume that everyone has read the readings and provide only the briefest summary of the papers under discussion.

The in-class project will be undertaken in small groups of 2-4 students. Each group will select a measure of progress that is an alternative to GDP or GDP/capita and a jurisdiction (supra-national, national or sub-national) for which their chosen measure has not been estimated. Working as a group they will identify the data requirements and sources, obtain the data (time series if possible), and prepare an initial estimate of the measure, to be presented in class on 16 October. (Students are encouraged to work on this assignment during the week outside of class as well as in class.)

In preparation for Phase 3 of the course each student will write their own report on their chosen alternative measure of progress describing the measure, comparing its strengths and weakness with the conventional measures of progress (i.e. GDP and/or GDP/capita) and reflecting on lessons learned from developing an estimate of the measure they worked on.

Phase 3 (Prof Stagl and Rezai)

At the final meeting of the class in December or January students will present their final estimates of their alternative measure of progress.

Student performance will be assessed as follows:

    50% - practical assignment including a paper and presentation

    20% - seminar lead

    20% - in-class participation

    10% - notes taken at the day-long workshop

Introductory micro and macroeconomics