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I'd say that simple understandings of economic theories fail to acknowledge limited physical resources. But most "theories" I know don't even talk about limited physical resources.

Economic growth is about "value", not necessarily "consumption of physical resources".

The planet offers basically unlimited resources. Assuming the population stops growing, as it is predicted, and settles at some reasonable number, then only limit is the expiration date of the sun.

I read somewhere that the max number of sustainable human pop on earth is around one billion ...

And unlimited resources, you have to be ready to wait about 500 millions years to get oil to renew !

The basis of economics is to study unlimited needs with limited resources, so all economic theories take that into account.