Abstract - This paper presents a macroeconomic approach to sustainable growth.
After clarifying the concept oj sustainability, the interdependence between natural
resources and accumulated capital stocks such as physical, human, and knowledge
capital is discussed. The conditions Jor the substitution process leading to
sustainable development are demonstrated in a one-sector approach and two
versions oj a multi-sector endogenous growth model. /t turns out that prices oj
natural inputs have their major impact on growth by changing an economy's
sectoral structure. The prediction oj a successful substitution oj knowledge Jor
natural resources emerges to be realistic, provided that the sectoral adjustment
cost in the economy are not too high.