Richard G. Lipsey

“Can growth be sustained into the indefinite future? We first briefly address the general worry that since the world’s resources are finite, growth must be unsustainable in the very long term. If all resources were non-renewable, all economic activity, whether growing or static in magnitude, might eventually become unsustainable. But even this is not quite certain since a finite stock of non-renewable resources can last infinitely if the usage declines asymptotically over time—a not impossible achievement in a technologically dynamic society with a constant population. Fortunately, many resources are not of the non-renewable type. Furthermore, the law of conservation of mass energy shows that one does not destroy mass energy but merely transforms it into other forms. Also, the world is not a closed system, receiving a continuous flow of new energy from the sun. So there seems little substance in the general worry that over many centuries all forms of growth are unsustainable because of ultimate resource limitations.”
― Richard G. Lipsey, Economic Transformations: General Purpose Technologies and Long Term Economic Growth