Resources, the environment, and economic growth: is natural capital substitutable?

Eric Neumayer ()

Chapter 3 in Weak versus Strong Sustainability, 2025, pp 50-106 from Edward Elgar Publishing

Abstract: This chapter explores the substitutability of natural capital in the context of natural resource availability for economic growth and its environmental consequences. It argues that the debate between weak sustainability (WS) and strong sustainability (SS) hinges on non-falsifiable beliefs about future substitution possibilities and technical progress. The chapter critically assesses the theory and empirical evidence on resource availability, the role of prices, and the impact of technical progress. It also examines the environmental consequences of economic growth, presenting both optimistic and pessimistic views. The conclusion emphasises that neither paradigm can be conclusively proven correct, and that policy choices play a crucial role in determining environmental outcomes. They are not the quasi-automatic outcome of economic growth itself.

Keywords: Natural resources; Substitutability; Economic growth; Environmental sustainability; Technical progress; Prices (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035327881
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