Steady State Economy
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Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online.A steady state economy is an economy of relatively stable size. In Solow growth model, the steady state is the long-run outcome of the model. In the economy starts away from its steady state, it gradually moves toward it. The term typically refers to a national economy, but it can also be applied to the economy of a city, region, or the entire planet. The steady state economy is an entirely physical concept. Any non-physical components of an economy (e.g., knowledge) c...
Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online.A steady state economy is an economy of relatively stable size. In Solow growth model, the steady state is the long-run outcome of the model. In the economy starts away from its steady state, it gradually moves toward it. The term typically refers to a national economy, but it can also be applied to the economy of a city, region, or the entire planet. The steady state economy is an entirely physical concept. Any non-physical components of an economy (e.g., knowledge) can grow indefinitely. But the physical components (e.g. supplies of natural resources, human populations, and stocks of human-built capital) are constrained by the laws of physics and beholden to ecological relationships. An economy could reach a steady state after a period of growth or after a period of downsizing or degrowth. The objective is to establish it at a sustainable scale that does not exceed ecological limits.
