This paper addresses three aspects of ‘growth’: the discourse, the policy, and the impacts. The growth discourse claims that the central factor for social, economic, political and environmental progress is economic growth – it is assumed to create wealth, and provide the necessary means for social and environmental purposes. On the basis of the growth discourse, different growth policies can be derived, based on different economic and political ideologies. In order to reveal the implications of de facto degrowth, two thought experiments are conducted, for physical and economic end-to-growth strategies. The latter is capable of meeting environmental objectives, but implies significant social tensions and hardships and calls for transition strategies consisting of carefully designed steps.