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Emergence of New Economics Energy Transition Models: A Review
journal contribution
posted on 2023-08-30, 17:48 authored by Sarah Hafner, Annela Anger-Kraavi, Irene Monasterolo, Aled JonesWell-known academic and non-academic institutions call for a new approach in economics able to capture features of modern economies including, but not limited to, complexity, non-equilibrium and uncertainty. In this paper, we provide a systematic review of ecological macroeconomic models that are suitable for the investigation of low-carbon energy transitions and assess them based on the features considered desirable for a new approach in economics. We draw two main conclusions: firstly, the knowledge base and structure of these existing ecological macroeconomic models are relevant, alongside other types of models, for the creation of a new approach in economics. Secondly, the reviewed models are policy relevant, especially in the context of the complexity and urgency of rapid energy transitions, where increasingly policymakers require economic models able to capture real-world characteristics. However, further improvements are needed to these models and future research should focus on i) assuring comparability of models' results and their policy insights, ii) incorporation of the relationships between macroeconomics, finance and sustainability and iii) the institutionalization of a new approach in economics.
History
Refereed
- Yes
Volume
177Page range
106779Publication title
Ecological EconomicsISSN
1873-6106External DOI
Publisher
ElsevierFile version
- Accepted version
Language
- eng
Official URL
Legacy posted date
2020-10-19Legacy creation date
2020-10-19Legacy Faculty/School/Department
Faculty of Science & EngineeringUsage metrics
Categories
No categories selectedKeywords
Rebuilding macroeconomicsNew approaches in economicsEcological macroeconomic modelsEnergy-economy modelsLow-carbon energy transitionSustainability impact assessmentGeneral equilibrium-modelsClimate change mitigationComputational economicsMacroeconomic modelsTechnological changeGlobal modelPolicyGrowthDynamics