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Natural Capital in the Alternative Theories of Economic Growth Cover

Natural Capital in the Alternative Theories of Economic Growth

Open Access
|Jul 2025

Abstract

In economic science, the content coverage and characteristics of natural capital as a determinant of economic growth were often discussed by affirming the paradigm of sustainability at the end of the previous century. The largest number of researchers supported the thesis that economic growth should be sustainable, which means that it does not imply excessive use of natural capital (natural resources and the absorption and regenerative capacity of ecological systems) per unit of newly created value. During the previous years, new growth concepts known as Green growth, Degrowth, Post growth and Doughnut appeared in the explanations of natural capital as a limiting determinant of economic growth. At the core of these concepts is a sharp opposition to the views of neoclassical economists on the possibility of an unlimited increase in economic activities. Among other things, this happens due to the fact that natural capital, as one of the basic drivers of economic growth, is limited and cannot be substituted by other production factors.

DOI: https://doi.org/10.2478/ethemes-2024-0014 | Journal eISSN: 2217-3668 | Journal ISSN: 0353-8648
Language: English
Page range: 261 - 274
Submitted on: Jan 22, 2024
Accepted on: Jun 30, 2024
Published on: Jul 8, 2025
Published by: University of Niš, Faculty of Economics
In partnership with: Paradigm Publishing Services
Publication frequency: 4 issues per year

© 2025 Slobodan Cvetanović, Andrea Panić Andrejević, published by University of Niš, Faculty of Economics
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.