Biophysical Limits to Economic Growth and Sustainable Development: Perspectives and Approaches

Abstract

The debate on sustainable use of natural resources, population growth, the role of technology in economic growth, and individual preferences have a long history, starting from Malthus’s noble argument on biophysical limits to growth to ecological economist’s sustainable development perspective. After more than two centuries of Malthus's argument, still we are in progress to understand the relationship between human beings and nature. It is prerequisite to track the economic growth and development pattern of north and south. Hence, By reviewing the growth pattern of the global south and north, the present paper systematically reviewed the different perspectives of biophysical limits to economic growth. Further, the paper comes up with a new estimation of economic growth trajectory by incorporating negative and positive externalities occurs during the production process.