To: bentway who wrote (385847 ) 10/23/2018 3:22:42 PM From: Wharf Rat Read Replies (1) | Respond to "We need a sustainable economic system,"A steady-state economy is an economy made up of a constant stock of physical wealth (capital) and a constant population size. In effect, such an economy does not grow in the course of time. The term usually refers to the national economy of a particular country, but it is also applicable to the economic system of a city, a region, or the entire world . Early in the history of economic thought , classical economist Adam Smith of the 18th century developed the concept of a stationary state of an economy: Smith believed that any national economy in the world would sooner or later settle in a final state of stationarity .... ... It must always have been seen, more or less distinctly, by political economists, that the increase of wealth is not boundless; that at the end of what they term the progressive state lies the stationary state, that all progress in wealth is but a postponement of this, and that each step in advance is an approach to it. We have now been led to recognize that this ultimate goal is at all times near enough to be fully in view; that we are always on the verge of it, and that, if we have not reached it long ago, it is because the goal itself flies before us. [41] :592The Economic Possibilities of Our Grandchildren , Keynes ventured to look one hundred years ahead into the future and predict the standard of living in the 21st century. Writing at the beginning of the Great Depression , Keynes rejected the prevailing "bad attack of economic pessimism" of his own time and foresaw that by 2030, the grandchildren of his generation would live in a state of abundance, where saturation would have been reached. People would find themselves liberated from such economic activities as saving and capital accumulation, and be able to get rid of 'pseudo-moral principles' — avarice, exaction of interest, love of money — that had characterized capitalistic societies so far. Instead, people would devote themselves to the true art of life, to live "wisely and agreeably and well." Mankind would finally have solved "the economic problem," that is, the struggle for existence. [46] [47] :2, 11en.wikipedia.org
