Sustainability of Natural Capital in the Beyond Growth Concept

Aleksandar Kostić, Andrea Andrejević Panić, Srđan Milićević and Gordana Mrdak ()

The European Journal of Applied Economics, 2026, vol. 23, issue 2, 109-126

Abstract: The predominance of GDP growth as the principal objective of economic development has come under increasing scrutiny amid accelerating ecological degradation and the unsustainable depletion of natural capital. This paper examines whether alternative economic paradigms grouped under the Beyond Growth framework provide a coherent and theoretically consistent foundation for redefining sustainability and development priorities beyond growth-oriented policy agendas. The central research question investigates how leading Beyond Growth approaches conceptualize the role and sustainability of natural capital, and the extent to which they converge or diverge in their normative assumptions and policy implications. The paper advances the hypothesis that, despite important theoretical differences, the principal Beyond Growth approaches share a common rejection of economic growth as the overriding development objective. Instead, they place ecological limits and the preservation of natural capital at the core of sustainable development. Focusing on four representative models – Steady-State Economy, Degrowth, Doughnut Economy, and Post-Growth – the study employs a typological and comparative methodology to assess their theoretical premises and normative orientations. By clarifying their similarities and distinctions, and differentiating them from green growth and neoclassical frameworks, the paper provides an integrated analytical basis for future research and policy debates on development beyond economic growth.

Keywords: beyond growth; degrowth; doughnut economy; green growth; natural capital sustainability; post-growth. (search for similar items in EconPapers)
Date: 2026
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Persistent link: https://EconPapers.repec.org/RePEc:sng:ejae01:265

DOI: 10.5937/EJAE23-64032

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