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Despite the oil shocks of the 1970s, economists have shown a declining interest in integrating natural resources, particularly fossil fuels, into most contemporary economic theories and models. As a result, the question of the impacts of the energy transition, to achieve a decarbonized economy, seems less understood. Can we better understand an economy without fossil fuels, when it has been difficult to theorize economic models that account for the role of fossil fuels? Contributions in this special issue, tied to the 2nd Annual Conference of the Chair in Natural Resources and Local Economy, held in Metz in 2023, engage with broader debates on the interaction between institutions and markets in driving energy and ecological transitions. As markets fail or struggle to fully account for the long-term impacts of environmental changes, it becomes critical to look beyond price signals to understand how to steer these shifts effectively. The question of how norms and institutions can shape behavior and support the transition can emerge as a key focus in academic inquiry. On a macroeconomic level, factoring in the institutional dimension is essential for understanding resource exploitation. This introduction highlights the urgent need for genuine sustainable development, emphasizing the importance of incorporating democratic and social dimensions into the energy transition that is transforming both economic and societal settings.
