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The reason growth is important is tax revenue and debt payments depend on it.

• YjSe2GMQ 8y ago
  This is crucial. The current way of governing the world depends on the pie of prosperity getting bigger and bigger each year, which allows the government to cut more and more pieces out of it. Without growth every policy that requires more spending must be countered by a policy that requires less spending. Then there's the problem of governments debt, which historically has been reduced much more by growth than by imposing austerity.