How the increased trade openness and correspondingly higher marginal propensity to import explains the lower efficiency of economic policy in the context of economic openness. Using an empirical stock-flow consistent model for the French economy (SFC FR), we analyze the macroeconomic impacts of these policies through a series of macroeconomic shocks.
The economic agent was previously assumed to be distinct from its environment and that nothing was forcing him to act on it. With the ecological crisis, every agent appears to be inserted into an environment, which he modifies in an irreversible way without even having decided to do so. This changes in depth the way in which economics can represent the agent and the optimal action: it is rationality itself that is modified in what we call “ecological rationality”.
