Drives neoclassical economics- but the notion is patently absurd when viewed in the larger systems context.
Herman Daly (one of the founders of ecological economics) is probably the foremost author on the point.
One of the better works is called
Beyond Growth : The Economics of Sustainable Developmenthttp://www.amazon.com/gp/product/0807047090/104-8938039-7857556?v=glance&n=283155We might also note that Jared Diamond hold Japan up as an example of a nation that dealt effectively with a natural resource crisis:
"In the 1600's, the country faced its own crisis of deforestation, paradoxically brought on by the peace and prosperity following the Tokugawa shoguns' military triumph that ended 150 years of civil war. The subsequent explosion of Japan's population and economy set off rampant logging for construction of palaces and cities, and for fuel and fertilizer.
The shoguns responded with both negative and positive measures. They reduced wood consumption by turning to light-timbered construction, to fuel-efficient stoves and heaters, and to coal as a source of energy. At the same time, they increased wood production by developing and carefully managing plantation forests. Both the shoguns and the Japanese peasants took a long-term view: the former expected to pass on their power to their children, and the latter expected to pass on their land. In addition, Japan's isolation at the time made it obvious that the country would have to depend on its own resources and couldn't meet its needs by pillaging other countries. Today, despite having the highest human population density of any large developed country, Japan is more than 70 percent forested."
So it makes sense that the Japanese are once again among the first to recognize their limits.