ABSTRACT

We have discussed various models of economic growth, beginning with the classical economists' concept in the early nineteenth century of a long-run stationary state. Depression in the industrialized economies during the 1930s renewed the interest in macroeconomic analysis. The World3 simulation model, initiated in the early 1970s, addressed natural resource constraints and environmental limits to growth and the linkages between population, food supply, industrial output, resource use, and pollution.