{"title":"利息在增长不可持续性中的作用:使用会计模型的分析结果","authors":"Jeroen van den Bergh, Ivan Savin","doi":"10.1080/15487733.2023.2262830","DOIUrl":null,"url":null,"abstract":"In the context of the long-standing debate on growth-versus-environment, notably the possibility that serious environmental policies will slow down growth, the question has been raised if interest can be compatible with zero growth. We develop a simple accounting model that describes the value added of the financial sector being positively associated with interest income. This allows us to derive formally that interest is compatible with zero growth for both simple and compound interest. The findings indicate that on its own, interest or compound interest does not add to the growth of gross domestic product (GDP). What matters instead is whether savings – be it from interest or other income – are invested productively or not. In other words, the condition for non-growth is that interest income is either directly spent by the creditor or indirectly by the debtor, rather than being invested in capital expansion, education, or innovation. Such investments would result in a more productive economy generating economic growth. These findings generalize, and add transparency to, previous studies which used more complicated models involving particular theoretical assumptions about the functioning of the macroeconomy.","PeriodicalId":35192,"journal":{"name":"Sustainability: Science, Practice, and Policy","volume":null,"pages":null},"PeriodicalIF":3.6000,"publicationDate":"2023-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"The role of interest in the unsustainability of growth: analytical findings using an accounting model\",\"authors\":\"Jeroen van den Bergh, Ivan Savin\",\"doi\":\"10.1080/15487733.2023.2262830\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"In the context of the long-standing debate on growth-versus-environment, notably the possibility that serious environmental policies will slow down growth, the question has been raised if interest can be compatible with zero growth. We develop a simple accounting model that describes the value added of the financial sector being positively associated with interest income. This allows us to derive formally that interest is compatible with zero growth for both simple and compound interest. The findings indicate that on its own, interest or compound interest does not add to the growth of gross domestic product (GDP). What matters instead is whether savings – be it from interest or other income – are invested productively or not. In other words, the condition for non-growth is that interest income is either directly spent by the creditor or indirectly by the debtor, rather than being invested in capital expansion, education, or innovation. Such investments would result in a more productive economy generating economic growth. These findings generalize, and add transparency to, previous studies which used more complicated models involving particular theoretical assumptions about the functioning of the macroeconomy.\",\"PeriodicalId\":35192,\"journal\":{\"name\":\"Sustainability: Science, Practice, and Policy\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":3.6000,\"publicationDate\":\"2023-10-16\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Sustainability: Science, Practice, and Policy\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1080/15487733.2023.2262830\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"ENVIRONMENTAL STUDIES\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Sustainability: Science, Practice, and Policy","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1080/15487733.2023.2262830","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"ENVIRONMENTAL STUDIES","Score":null,"Total":0}
The role of interest in the unsustainability of growth: analytical findings using an accounting model
In the context of the long-standing debate on growth-versus-environment, notably the possibility that serious environmental policies will slow down growth, the question has been raised if interest can be compatible with zero growth. We develop a simple accounting model that describes the value added of the financial sector being positively associated with interest income. This allows us to derive formally that interest is compatible with zero growth for both simple and compound interest. The findings indicate that on its own, interest or compound interest does not add to the growth of gross domestic product (GDP). What matters instead is whether savings – be it from interest or other income – are invested productively or not. In other words, the condition for non-growth is that interest income is either directly spent by the creditor or indirectly by the debtor, rather than being invested in capital expansion, education, or innovation. Such investments would result in a more productive economy generating economic growth. These findings generalize, and add transparency to, previous studies which used more complicated models involving particular theoretical assumptions about the functioning of the macroeconomy.
期刊介绍:
Sustainability: Science, Practice and Policy is a refereed, open-access journal which recognizes that climate change and other socio-environmental challenges require significant transformation of existing systems of consumption and production. Complex and diverse arrays of societal factors and institutions will in coming decades need to reconfigure agro-food systems, implement renewable energy sources, and reinvent housing, modes of mobility, and lifestyles for the current century and beyond. These innovations will need to be formulated in ways that enhance global equity, reduce unequal access to resources, and enable all people on the planet to lead flourishing lives within biophysical constraints. The journal seeks to advance scientific and political perspectives and to cultivate transdisciplinary discussions involving researchers, policy makers, civic entrepreneurs, and others. The ultimate objective is to encourage the design and deployment of both local experiments and system innovations that contribute to a more sustainable future by empowering individuals and organizations and facilitating processes of social learning.