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
Let me answer it in ELI5 that most other missed.
Economic growth doesn’t mean you get more physical stuff, like more material – more wood, more food etc. – not anymore.
It means more services and better crafted products – both of which can be automated and ever improved. Using same resources (either peoples time, land, or material) to achieve ever greater things. It will stop once most people won’t be able to spend all their money
Latest Answers