This paper addresses the core problem of economic growth — the question of the criteria that should be met in order to both satisfy the needs of a growing population and assure preservation of natural environment for future generations. It contains a comparative analysis of classic theory of maximal economic growth with zero-growth theory. A compromise concept of balanced economic growth is presented. In the paper, an unobvious form an industrial function of balanced growth is hinted at, within which maximum allowed (limited) economic growth shouldn’t induce irreparable damage on environment while minimum of the growth assumes increasing of population wellbeing. Among traditional arguments of the industrial function a factor of investments into environmental protection has been introduced. Balance between two competing requirements to economic growth—improvement of population wellbeing accompanied by simultaneous conservation of limited environmental resources —may be achieved, in addition to the use of resource-efficient technologies, through family planning and monitoring of population growth. Condition of balanced growth is convergence of demographic and technological levels of developing and developed countries. Being dangerously close to the limits of anthropogenic pressure on our environment, the international community should assist developing countries’ transition to the demographic trends of the developed world. At the initial stage, acceleration of this process may require negotiations of an international compact among states regarding population growth. Subsequently, fertility patterns and population growth may return to self-regulation. Drivers for this process will be the Index of Human Development, indicators of gender parity, per capita GNP, and educational levels of populations in the countries with high birth rates. Efficient international aid to poor countries should contribute to this process. Comparative advantages and prosperity as a result of moderate population growth have been proven by the historic records of developed countries. These trends can be applied in other countries if they limit birth rates and population growth. It appears that improvements of population-wide quality of life can be achieved not only by promotion of scientific and technological progress, but also by means of demographic revolution, which is the most harmless among all of social revolutions.