Over time, GDP growth and economic growth have been used interchangeably, though many economists now question the feasibility of continuous growth. Kenneth Boulding, for example, compared the earth to a spaceship with finite resources, warning that indefinite growth is unsustainable. He argued that growth must eventually reach equilibrium, foreshadowing today’s debates on de-growth and green growth. Boulding (1968) was particularly concerned with whether resources could keep up with exponential GDP growth, as illustrated in Figure 3.3. This highlights the importance of exploring alternative models of progress that prioritize environmental sustainability and social equity alongside economic growth. Figure 3.3: World Economic Growth in terms of GDP [1820 - 2018] (Source: Created by the author based on data from the Maddison Project Database (Bolt and van Zanden) (2020)) In a counter argument, other economist have tried to decouple economic growth in terms of monetary value from material use to escape the finite resource restrictions posed (Jackson and Victor, 2019). Yet, there are challenges with decoupling. For instance, despite improvements in carbon dioxide (CO2) emissions per unit of economic output, nett carbon emissions continue to rise. To achieve the necessary reductions in carbon emissions to avoid climate breakdown requires a rate of decoupling that significantly exceeds historical technological achievements. An even greater objection comes from Vogel and Hickel (2023). The authors judge the pursuit of green growth as ”misleading and represent a form of greenwashing”. From their analysis they found that with current decoupling rates, countries would on average take over 220 years to reduce CO2 emissions by 95%. nite resources, warning that indefinite growth is unsustaina that growth must eventually reach equilibrium, foreshadowing on de-growth and green growth. Boulding (1968) was part ed with whether resources could keep up with exponentia as illustrated in Figure 3.3. This highlights the importance o rnative models of progress that prioritize environmental sustai ial equity alongside economic growth. ure 3.3: World Economic Growth in terms of GDP [1820 - 2 : Created by the author based on data from the Maddison se (Bolt and van Zanden) (2020)) counter argument, other economist have tried to decouple ec 13 3.2. Green Growth versus De-Growth
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