Timeline for Why is economic growth so important?
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| Apr 29, 2012 at 11:22 | history | migrated | from economics.stackexchange.com (revisions) | ||
| Dec 1, 2011 at 20:27 | comment | added | Nate | The only way to feed a starving population after 26 periods is to figure out how to get more fruit. Maybe learn to plow, plan crops -- or hunt. But, then, you've increased production. Economic growth! | |
| Dec 1, 2011 at 20:24 | comment | added | Nate | Think about a country that can produce, in an absolute sense, one unit of food for each unit of land. Say, fruit growing on trees, and there is nothing else. No more cultivation of the land is possible (since that would be technological/economic growth). Assume you have 50 units of land, and you start out with 25 units of people; each person eats one fruit to stay alive, more to be happy. Every period a new person is born. At first each person has two units of fruit and is happy. 26 periods later everyone has one, and someone starves. As the population increases this only gets worse. | |
| Nov 30, 2011 at 14:26 | history | answered | Chad | CC BY-SA 3.0 |