A steady state economy is an economy of relatively stable size. It features stable population and stable consumption that remain at or below carrying capacity. The term typically refers to a national economy, but it can also be applied to the economic system of a city, a region, or the entire planet. Note that Robert Solow and Trevor Swan applied the term steady state a bit differently in their economic growth model. Their steady state occurs when investment equals depreciation, and the economy reaches equilibrium, which may occur during a period of growth.
Read more about Steady State Economy: Physical Features, Limits To Economic Growth, History of The Concept, Benefits, Policies For The Transition, Criticisms
Famous quotes containing the words steady, state and/or economy:
“All the old supports going, gone, this man reaches out a hand to steady himself on a ledge of rough brick that is warm in the sun: his hand feeds him messages of solidity, but his mind messages of destruction, for this breathing substance, made of earth, will be a dance of atoms, he knows it, his intelligence tells him so: there will soon be war, he is in the middle of war, where he stands will be a waste, mounds of rubble, and this solid earthy substance will be a film of dust on ruins.”
—Doris Lessing (b. 1919)
“A multitude of causes unknown to former times are now acting with a combined force to blunt the discriminating powers of the mind, and unfitting it for all voluntary exertion to reduce it to a state of almost savage torpor.”
—William Wordsworth (1770–1850)
“Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we “really” experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.”
—Friedrich Nietzsche (1844–1900)