I often see statements in the news from economists saying things like “only 0.2% growth reported, which might have bad effects on the economy”. In my eyes infinite growth is simply impossible when we have finite resources, or is that a misconception from my part?
Edit: thank you for all the detailed an in-depth answers! Learned a lot of new things 🙂
In: 96
More growth equals more wealth.
More wealth helps with things like more hip replacements for 70 year olds that a society in the past couldn’t have funded, even if they had the medical tech.
When a society doesn’t have excess, people starve. My grandparents were lucky in The Depression in New Zealand when there were no unemployment benefits as they had a small farm and jobs. Other people literally had nothing because society could not afford it. (And, admittedly, people had trouble with the concept of borrowing money at a government level to pay for welfare.)
More wealth for a society is always better than less. It is how people use that wealth, at an individual level, and how a society negotiates to apply that wealth, which is where the argument will never stop.
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