I recently read the following statement:
“An economic system that requires perpetual economic growth on a spherical planet with finite resources simply cannot last.”
What I don’t understand is why even a Capitalist economy couldn’t be maintained with a stable population. Some businesses would fail and die. New ones would take their place. But the overall population could be stable. What am I missing?
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There is no reason a capitalist economy requires constant growth. If somebody said that, they were just plain wrong.
In fact, since capitalism leads to greater efficiency, you would need fewer workers over time. We can see this with average number of hours worked over the last 150 years.
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