Economic Theory Developments in The Late 20th Century
By the 20th century, the industrial revolution had led to an exponential increase in the human consumption of resources. The increase in health, wealth and population was perceived as a simple path of progress. However, in the 1930s economists began developing models of non-renewable resource management (see Hotelling's Rule) and the sustainability of welfare in an economy that uses non-renewable resources.
Concerns about the environmental and social impacts of industry were expressed by some Enlightenment political economists and in the Romantic movement of the 1800s. Overpopulation was discussed in an essay by Thomas Malthus (see Malthusian catastrophe), while John Stuart Mill foresaw the desirability of a "stationary state" economy, thus anticipating concerns of the modern discipline of ecological economics.
Read more about this topic: Economic History Of The World
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