Technology advancement and resource exploitation is the driving force of an industrial
economy. How to understand the dynamic interaction between technology,
resources, and population is a fundamental issue in economics and history. Both
exogenous and endogenous growth theory puts abstract capital as the driving force
of economic growth but takes out the critical role of resources. In this regard, neoclassical
growth theory is a big retreat from classical economists such as Smith and Malthus. Therefore, using neoclassical growth theory, it is hard to understand development mechanisms, environmental crisis, and recurrent cycles.