Economic Growth Theory and Natural Resource Constraints: A Stocktake and Critical Assessment |
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Authors: | Robbie Maris Mark Holmes |
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Institution: | 1. School of Accounting, Finance and Economics, University of Waikato, Private Bag 3105, Hamilton 3240, New Zealand. Corresponding author: Maris, email <2. robbiem8910@gmail.com>3. . |
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Abstract: | Society is facing significant environmental challenges. The effects of climate change, biodiversity loss and environmental degradation are being increasingly felt worldwide. In recent years, researchers have attempted to adapt neoclassical and endogenous growth theory to account for constraints imposed by scarce natural resources. In this article, we review where, and how, researchers tend to incorporate natural resources and natural capital into growth theory. We then outline areas and questions that remain unanswered, including how novel impact investing and the eroding trade-off between GDP and the environment affect growth theory. |
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