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Ecological Remodeling of Hydraulic Keynesianism: A Heuristic Hint
Coddington’s Hydraulic Keynesianism, which consists of two constituent Keynesian macroeconomic models such as Simple Keynesian Model and Hicks-Hansen IS-LM Model, is devoted to explore the causes, consequences and cures of the persistent problem of economic instability in the capitalist world. But recently the global environmental indications are that the persistent economic instability is being coupled with the emerging threat of ecological instability in the world capitalist system. This dual instability – the coexistence of persistent economic instability and the emerging ecological instability – constitutes the ecologically unsustainable economic instability or ecologically economic unsustainability, which can not be tackled by conventional Hydraulic Keynesianism due its ingrained inadequacies. This article shows how Hydraulic Keynesianism can be ecologized to restore ecologically economic sustainability through the compositional modifications of the conventional equilibrium conditions for income determination by incorporating the macroecological variables into these equilibrium conditions, and also through the introduction of new policy measures and applications. This article suggests that conventional Hydraulic Keynesianism shows upward or downward bias with respect to ecological Hydraulic Keynesianism in the sense that the values of most of the conventional macroeconomic variables (i.e. surface values) are significantly different from that of ecologically adjusted macroeconomic variables (i.e. true or real values).
Ecological, Economic, Equilibrium, Keynesianism, Sustainability
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