The traditions of both mainstream and ecological economics presuppose the inherent nature of a market economy is to grow. However the traditions of classical and modern political economy posit an economy that is subject to limits to growth and one that tends towards secular stagnation. This paper explores the stagnation thesis in the contexts of the current financial crisis, political impasse and the limits posed by the potential conjuncture in time of peak oil and climate change.
Kent A. Klitgaard. "Biophysical Economics and the Failed Growth Economy." Proceedings of the New York State Economics Association. vol. 2, October 2009, p. 46-56
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