Can an Economy Grow Forever?

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Economic growth is something that is important to every global citizen today.

But it's not something to necessarily take for granted – we are certainly not "owed" long-term growth. We must earn it. And above all, we must continue innovating to become more efficient.

Simultaneously, society must collectively address the major issues that we're inevitably set to face within this century if we wish to ensure that future generations live better than their predecessors.

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Sources & Citations -

Gordon, R.J., 2012. Is US economic growth over? Faltering innovation confronts the six headwinds (No. w18315). National Bureau of Economic Research.

Lipsey, R.G., Carlaw, K.I. and Bekar, C.T., 2005. Economic transformations: general purpose technologies and long-term economic growth. OUP Oxford.

Mokyr, J., 2005. Long-term economic growth and the history of technology. In Handbook of economic growth

Sachs, J.D. and Warner, A.M., 1997. Fundamental sources of long-run growth. The American economic review

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[EconomicsExplained]

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[EconomicsExplained]

Last time I was this early textile mills were big business.

[terrance]

The way this guy politely spits out the word “but” is what keeps bringing me back to these videos.

[PsychoSavager]

"It's all bad stuff from a humanitarian perspective, but what's worse is what it means for our economy."

I'm getting a "we could all have been killed - or worse, expelled!" vibe from this statement.

[parkerdavis]

“We live in a society”

-Economics Explained, 2020

[beefgiver]

Anyone who thinks that you can have infinite growth on a planet with finite resources is either a madman or an economist - Sir David attenborough

[benmillar]

Economics explained: Can an economy grow forever?

Japan:no

[oboretaiwritingch.]

I don't know. I think when it comes to innovation, soon enough the whole world might just end up running into the same problem as Japan.
Despite being a country of technological advancements, Japan is also a very-oldheaded country with many companies' upper echelons being filled with 60+ grandpas who refuse to retire and refuse to change the way they work for the past 30 years all because they want to cling to their throne and that includes refusing to see that their strategy had long since became obsolete.
It is why Japanese work culture is mired by pointless bureaucracy, where lower level employees(younger generations) are used as labor animals where only their brute force is demanded and their ideas are not welcomed. It is why Japanese work ethics is infamous for overworking and overstressing people, yet has less productivity per person than many European countries which work literally hundreds of hours less per year.
Where heads of companies care more about clinging to their position and their own personal gain than productivity, efficiency and effectiveness. They don't actually want the problem solved because that would bring to light how inept they have become.
I'm afraid that will be what the world is heading for when growth starts to plateau since I also hear S. Korea has a similar problem as well. That might just be where innovation takes us, or maybe I just watched too much news with similar parallels in politicians caring far more about their own position and wealth than actually solving a crisis.

[vitordelima]

Infinite growth is impossible in a finite reality, and sometimes retractions are a good thing, such as when entire shitty economic or financial sectors cease to exist or become obsolete.

"That awful noise when dialing up to the internet"


You mean dubstep?

[josedubois]

According to the book "the great leveler" the only way to actually decrease inequality is with war, disease and state collapse.

Another book, "the case against education" was written by a PhD graduate of Princeton in economics that teaches at Georgetown University now points out that people who attend college don't often remember many of the skills they've learned in class and that many of the classes they take are useless. He proposed that it largely the result of signaling to potential employers so then the person can get a higher income over their lifetime.

[joanignasi]

If you want to have a good laugh you just have to see predictions they made of the future decades ago.

[bmxbandit]

I think you're underestimating how much is spent on computer resources and how much is used by a typical business today. You're ignoring marketing, marketing automation, sales automation, operational automation, the list really does go on. Boiling it down to just needing email and Excel is a gross oversimplification.

You can't say that most jobs are going to be automated by computer systems and in the same breath say that we've already extracted the majority of business value from this innovation.

[alexnelson]

"Today, we live in a society"
the painful truth

[SquirtlePWN]

"the sweet supple sound of my Australian accent"

Darn he figured out the real reason I watch!

[pneumonoultramicroscopicsi]

We didn't even explore our solar system, probably automation and space exploration are the key to further growth, if we can't do those, there will come a time when the economy becomes stagnant.

[Kabbinj]

"Computers have reached the limit of their usefulness, " you say, just as we are about to enter the fourth industrial revolution, the AI revolution... in 20 years we will look back at how we used computers today and laugh at how primitive the world used to be. Computers will become so unbelievably central and critical to any business that nothing could possibly work without it.

"The third and final revolution..."


Industry 4.0: "Am I a joke to you?"

[jeevenravi]

Is that thumbnail a picture of the Petronas Twin Towers in Malaysia?

[alessandromestri]

Last time I was this early economy explained lived in a society