Par Jerry Courvisanos
A broad innovation policy framework is developed for ecologically sustainable economic development. This framework is applied to regional economies from an Australian perspective. A completely different economic framework, based on economic activity that is satisficing (under conditions of ecological uncertainty) rather than optimising (under conditions of calculable risk) is required to address the ecological concerns of the future. The “eco-sustainable framework” is based on the work of two heterodox economists, Michał Kalecki and Adolph Lowe. This policy framework sets a path for regional economic development based on consistent and workable public policy tools that encourage and support decentralised and local entrepreneurial innovation that is greenhouse ecologically supportive. Practical regional Australian applications of this framework are outlined using concrete examples of ecological-based strategies.
JEL Codes: E11, E12, O31, Q56, Q57, R58