Peter A. Victor

Peter A. Victor
York University · Faculty of Environmental Studies

Doctor of Philosophy

About

71
Publications
22,764
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2,762
Citations
Citations since 2017
11 Research Items
1339 Citations
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Introduction
Peter A. Victor Professor Emeritus and Senior Scholar, York University, Canada. Peter's current research focus is on ecological macroeconomics. His latest book is the 2nd edition of Managing without Growth. Slower by Design, not Disaster (2019). see www. managingwithoutgrjwth.com for details.
Additional affiliations
July 1966 - present
York University
Position
  • Professor

Publications

Publications (71)
Article
Full-text available
Post‐pandemic recovery must address the systemic inequality that has been revealed by the coronavirus crisis. The roots of this inequality predate the pandemic and even the global financial crisis. They lie rather in the uneasy relationship between labor and capital under conditions of declining economic growth, such as those who have prevailed in...
Article
Full-text available
This paper presents a stock-flow consistent (SFC) macroeconomic simulation model for Canada. We use the model to generate three very different stories about the future of the Canadian economy, covering the half century from 2017 to 2067: a Base Case Scenario in which current trends and relationships are projected into the future, a Carbon Reduction...
Article
Current controversies in valuing the cost of environmental changes like climate change and biodiversity loss have exposed serious flaws in standard welfare economics. Many of these arise from the assumption that social value can be calculated using the revealed or stated preferences of self-regarding, narrowly rational individuals (Parks and Gowdy,...
Article
Full-text available
This working paper presents a stock-flow consistent (SFC) simulation model of a national economy, calibrated on the basis of Canadian data. LowGrow SFC describes the evolution of the Canadian economy in terms of six financial sectors whose behaviour is based on ‘stylised facts’ in the Post-Keynesian tradition. A key feature of the model is its abil...
Experiment Findings
Full-text available
Article
The requirement to reduce emissions to avoid potentially dangerous climate change implies a dilemma for societies heavily dependent on fossil fuels. Reducing emissions will necessitate the transition from relatively high EROI dispatchable fossil fuels to a combination of relatively low EROI intermittent renewables and geographically limited non-int...
Chapter
In this chapter, Tim Jackson and Peter Victor present three scenarios generated with their LowGrow SFC model, describing alternative futures for Canada from 2017 to 2067. One scenario is a base case which is essentially a projection of the past into the future. The second scenario introduces a vigorous program of greenhouse gas reduction. The third...
Data
LowGrow SFC is a stock-flow consistent simulation model of the Canadian economy that you can access here to run scenarios.
Preprint
Full-text available
In a previous paper we developed a simple stock-flow consistent (SFC) model of Savings, Inequality and Growth in a Macroeconomic account (SIGMA) to test Piketty’s hypothesis that declining growth rates lead to rising inequality (Jackson and Victor 2016). In this paper, we extend that analysis to show that inequality in a ‘post-growth’ economy depen...
Article
Full-text available
This paper explores what we will call the green economy as a potential solution to the multiple challenges from climate change, biodiversity loss, and resource scarcity to social injustice, and financial instability.1 Green economy is still a contested concept. At its worst, it simply provides cover for business-as-usual—the escalation of unsustain...
Article
Canada is the only country to have ratified the Kyoto protocol and then withdrawn. Part of the justification for Canada's reluctance to commit to greenhouse gas (GHG) emissions reductions is the country's status as fossil fuel exporter. In this paper we use input–output analysis and the World Input–Output Database (WIOD) to ask whether Canada's con...
Working Paper
Full-text available
Modern western economies (in the Eurozone and elsewhere) face a number of challenges over the coming decades. Achieving full employment, meeting climate change and other key environmental target s, and reducing inequality rank amongst the highest of these. The conventional route to achieving these goals has been to pursue economic growth. But this...
Research
Full-text available
Letter in response to an article by Eduardo Porter
Chapter
Full-text available
In July 2013, a remarkable conference took place in a meeting hall of the French National Assembly in Paris. Current and former government ministers from France, Sweden, Greece, Spain, and Brazil, under the aegis of the president of France, François Hollande, met to explore nothing less than modern economic heresy: The abandonment of governments’ l...
Conference Paper
Full-text available
This paper describes briefly the challenge of modelling combined economic, ecological and financial systems and sets out a series of objectives for modelling the socio-economic transition towards sustainability. It highlights the modelling needs in relation to full employment, financial stability, and social equity under conditions of constrained r...
Book
The current mainstream model of the global economy is based on a number of assumptions about the way the world works, what the economy is, and what the economy is for. (See Table 11-1.) These assumptions arose in an earlier period, when the world was relatively empty of humans and their artifacts. Built capital was the limiting factor, while natura...
Chapter
In this chapter we describe what an ?ecological economy? could look like and how we could get there. We believe that this future can provide full employment and a high quality of life for everyone into the indefinite future while staying within the safe environmental operating space for humanity on earth. Developed countries have a special responsi...
Book
Les principes qui fondent l'économie mondiale doivent changer, et vite ! Nos modes de vie s'accompagnent de prélèvements qui détruisent les ressources limitées de la planète et menacent les bases mêmes de la vie. Pire, la poursuite de la croissance a cessé d'améliorer le bien-être dans les pays riches tandis que pauvreté et sous-alimentation perdur...
Chapter
Full-text available
The Volume includes 60 papers on the costs of economic growth published between 1848 and 2011.
Book
The world has changed dramatically. We no longer live in a world relatively empty of humans and their artifacts. We now live in the “Anthropocene,” era in a full world where humans are dramatically altering our ecological life-support system. Our traditional economic concepts and models were developed in an empty world. If we are to create sustaina...
Article
This paper explores the concept of productivity in post-growth economies. It defines the ‘productivity trap’ that arises from the systematic pursuit of labour productivity and describes two solutions to this trap, each of which has some precedence in economic theory. The first is to reduce working hours – the most frequently cited avenue to combat...
Article
Full-text available
The 'sub-prime' meltdown has accelerated critiques of the economic modelling that underpinned the activities of banking and allied industries. Coincidentally, there has been resurgence in interest in more socialised interpretations of economic life. In this article we seek to show how it may still be possible to marry formal economic modelling with...
Article
The paper proceeds with a discussion of the interplay of scale and intensity in determining greenhouse gas emissions. This is followed by the presentation of several macroeconomic scenarios using LowGrow, a simulation model of the Canadian economy. The scenarios considered are ‘business as usual’ which is a projection into the future of past trends...
Article
Full-text available
Our global economy must operate within planetary limits to promote stability, resilience and wellbeing, not rising GDP, argues Peter Victor.
Article
Boulding's 1966 paper on the economics of spaceship Earth established the framework for ecological economics and an understanding of economic growth. In ecological economics, economies are conceptualized as open subsystems of the closed biosphere and are subject to biophysical laws and constraints. Economic growth measured as an increase in real gr...
Article
Full-text available
Scale (gross domestic product), composition (goods and services), and technology (impacts per unit of goods and services) in combination are the proximate determinants in an economy of the resources used, wastes generated, and land transformed. In this article, we examine relationships among these determinants to understand better the contribution...
Book
'Peter Victor clearly presents the arguments as to why already relatively rich countries may have to manage low or no growth in their economies if they wish to address rather than continue contributing to global environmental problems. His modelling suggests that managing without growth need not be the economic disaster that is so often assumed. Th...
Article
There are three main arguments why developed countries should consider managing without growth: 1) continued economic growth worldwide is not an option owing to environmental and resource constraints, and so developed countries should leave room for growth in developing countries where the benefits of growth are evident; 2) in developed countries g...
Article
John Maynard Keynes showed us how poverty and unemployment could be eliminated in developed countries without economic growth. Given the environmental dilemma we all face, developed countries like Canada must drastically reduce their rates of growth if we are to have global sustainability and global elimination of poverty. The simulation exercise c...
Article
Full-text available
The Brundtland Commission’s report (WCED, 1987) sparked a lively debate about the meaning and desirability of sustainable development. Economists, perhaps more than others, have sought a clearer and more operational definition of sustainable development so that progress towards it can be monitored and measured.
Article
Interest in sustainable development has prompted a search for suitable indicators that might complement or supplant the traditional measures of economic success. Although there is no agreement about the precise meaning of sustainable development, one idea which is increasingly in good currency is that sustainable development requires that the stock...
Article
Acid rain threatens the productivity and perhaps existence of fisheries in parts of North America and Europe. A major focus of abatement negotiations is the costs of emission controls as compared to the associated benefits in avoided environmental damages. We used Talhelm's product travel cost approach to estimate changes in angler consumer surplus...
Article
Acid rain threatens the productivity and perhaps existence of fisheries in parts of North America and Europe. A major focus of abatement negotiations is the costs of emission controls as compared to the associated benefits in avoided environmental damages. We used Talhelm’s product travel cost approach to estimate changes in angler consumer surplus...
Article
This book, which is the result of a successful collaboration between a philosopher and an economist, is subtitled: A Philosophical Critique of Neo-Classical Economics. To this reviewer, who is an economist, the book contains much more philosophy than economics, although a philosopher might take the opposite view. In any event, the authors devote co...
Chapter
Discussions of macroeconomic theory usually begin with a few comments about national income accounting. The family of aggregate measures, of which gross national product (G.N.P.) is the most notable, is introduced and we are told how national income can be measured in three different ways. This much is uncontentious and even a little boring. What d...
Chapter
Full-text available
There is a danger that the economic analysis presented in this book may seem to many readers to be unduly remote from the very worrying pollution problems of the day. No attempt has been made to relate society’s excreta to the rate of population growth, to the threatening exhaustion of important natural resources, to the ethic of consumerism, to im...
Chapter
The two preceding chapters have emphasised, in their turn, some of the environmental consequences of the economic behaviour of individual firms and consumers, and some of the environmental consequences of economic activity in its most aggregated form. The problems of aggregation have commanded the attention of most economists at one time or another...
Chapter
Almost all of the analysis discussed in this chapter will be what is known as partial analysis. It has long been the method of economists, not least in the general area of microeconomics, to identify particular aspects of an economy for intensive study. Although such an approach lends itself to precise formulation in both verbal and mathematical la...
Article
Traducción de: Economics of pollution Incluye bibliografía e índice

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Projects (7)
Project
I have created a brief questionnaire to find out more about Daly's influence and how he is regarded. Here is the link: https://bit.ly/pvictorsurvey I invite you to complete the questionnaire. Thanks .
Project
To create simple simulation models that are useful for thinking about complex problems such as the implications of meeting a global carbon budget or reaching ambitious emissions reduction targets.
Project
Details of this book published January 2019 can be found at www.managingwithoutgrowth.com Also, see the short video at https://www.youtube.com/watch?v=XxsgQZkx8Yg