DEFINE - A stock-flow-fund ecological macroeconomic model

Yannis Dafermos, Giorgos Galanis & Maria Nikolaidi
DEFINE, 2020
Level: expert
Perspectives: Ecological Economics, Post-Keynesian Economics
Topic: macroeconomics, resources, environment & climate
Format: Platform
Link: https://define-model.org/

On this website, you can learn about heterodox macroeconomic modelling. The DEFINE (Dynamic Ecosystem-FINance-Economy) model draws on post-Keynesian and ecological economics tradition. The website includes a description of the main features, publications, and a visualization tool!

The model produces various scenarios for the future of the ecosystem and the global economy. It can also evaluate the long-run effects of various types of environmental policies and strategies.

Currently, two visualizations are provided:

  1. DEFINE-MATTER on the use of matter and the generation of waste are affected by different factors.
  2. DEFINE-CLIMATE on climate change and how it is affected by economic growth, the share of renewable energy, energy intensity and a climate sensitivity parameter.

Comment from our editors:

Stock-flow consistent (SFC) modelling is one of the most viable alternatives to the dominant DSGE modelling of macroeconomic systems. Among others, SFC modelling guarantees a correct and comprehensive integration of all the flows and the stocks of an economy. Hence, it is great to have pages such as these to learn more about it.


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