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Doesn’t the definition of a “steady-state” economy mean that there will be no real GDP growth, but only nominal growth? I don’t understand the assertion that GD
by Amboto2205 7y ago
Doesn’t the definition of a “steady-state” economy mean that there will be no real GDP growth, but only nominal growth? I don’t understand the assertion that GDP can grow indefinitely just because the arbitary “utility” can. There will still be physical limits inside a steady-state which would be subjected to price, which will affect GDP.