In the last few decades, overall economic growth spiked dramatically. The growth is closely connected with people’s life quality (Figueroa, 2021). This is why some have begun to question whether this process can be sustainable and infinite. In theory, economic growth can be unlimited if it adopts sustainable principles (Ashmarina & Vochozka, 2019). However, I believe that there is a limit to economic growth, but it is not apparent when our civilization will reach it.
People use various arguments in favor of both limited and unlimited growth. On the one hand, economic growth can be considered limited since the resources on Earth are finite. As the global economy grows, it may consume an increasing number of natural resources, which will eventually be completely depleted (Venkatesan & Luongo, 2019). On the other hand, economic growth can be achieved without the increased consumption of resources. Experts say that upon reaching a particular point in economic development, countries become more sustainable than ever (Venkatesan & Luongo, 2019). In other words, they protect the environment from excessive pollution and spend fewer natural resources while increasing growth by becoming more efficient. Therefore, since economic growth allows to consume less and produce more, it is not evident that the total depletion of resources will directly limit development.
Economic growth is dependent not only on resources but also on technological progress. Technologies allow economies to be more productive and efficient. In addition, they are responsible for profound innovations that radically change the growth rate. However, I believe that technological progress has its own limit. Even though it is impossible to predict the exact boundary of technological development, there is a high chance that humanity will reach fundamental limitations imposed by the universe’s properties. Consequently, technological stagnation will make resources inevitably finite, setting the limit of economic growth.
References
Ashmarina, S. & Vochozka, M. (2019). Sustainable growth and development of economic systems: Contradictions in the era of digitalization and globalization. Springer.
Figueroa, A. (2021). The quality of society, volume II: Essays on the unified theory of capitalism. Springer Nature.
Venkatesan, M. & Luongo, G. (2019). SDG8 – Sustainable economic growth and decent work for all. Emerald Group Publishing.