Why does the economy need to continue to grow, especially in countries such as Japan where population is declining?

Question

Why does the economy need to continue to grow, especially in countries such as Japan where population is declining?

In: 56

Answer 1

Whenever you hear “economy”, translate it in your mind to “production and trade”. More production and trade means more stuff is made and available for purchase, whether it be appliances, vehicles, medicine, education, art, or anything else. If production and trade is stagnant, it means that life is not getting better.