Do economists believe that economic expansion can continue indefinitely?
Do economists believe that economic expansion can continue indefinitely? Imagine you've found a gold coin that magically doubles in value every 25 years. You'd have just eight coins left after waiting 75 years. But after a thousand years, that number would be over a trillion. You could outweigh the observable universe with your gold coins in 4,600 years. While the likelihood of finding a real-life golden goose coin is much lower than the rate at which the world economy has expanded over the past two centuries, this doubling rate illustrates exponential growth. Many economic theorists believe that an always-expanding economy is required to raise people's living standards continually. If the global economy ever slowed down, people would begin competing fiercely for the same pre-existing value rather than creating more. That leads to the obvious question of whether infinite growth is possible on a finite planet. The value of a country's (or the world's) output on the ...