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
Because growth is evidence that all the investment, labor, and resource consumption of economic activity is creating things which are of *real value*. If you spend four billion dollars on a business, and after ten years of hard work, what you’ve built is still worth four billion dollars, you’ve been working hard for no money.
Now I’ll be the first to disclaim that not all the means we use to measure growth, wealth, and productivity are accurate and good, or that other priorities, like health and human welfare, might be more important than money. But considering that most people will spend over a third of their waking life either at work, or studying to obtain work, understanding how our economy is doing at a high level has value.
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