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In physics courses, it's pretty clear that perfect balls and frictionless planes aren't actually real. OTOH, I recently had a debate with an economist that near
by wazoox 7y ago
In physics courses, it's pretty clear that perfect balls and frictionless planes aren't actually real. OTOH, I recently had a debate with an economist that nearly insulted me because I doubted that infinite GDP growth was possible in a finite world; you "simply" need to infinitely enhance value of goods and services, which is perfectly possible because it hasn't been proved impossible. Plus it's taught in Econ 101, so how stupid should I be to doubt such a little thing?
- Firadeoclus 7y agoThere is no known limit to GDP growth because GDP growth doesn't just depend on an increase in material goods, and value judgments can change over time. Thus it is theoretically possible that after a whole series of "this year is better than last year" growth you end up exactly where you started as values shift. Edit: In any case, GDP growth shouldn't be a policy target.
- dragonwriter 7y ago> Thus it is theoretically possible that after a whole series of "this year is better than last year" growth you end up exactly where you started as values shift. Not really, since real GDP growth is measured in value relative to a like-goods price index. > In any case, GDP growth shouldn't be a policy target. It shouldn't be the exclusive policy target, but it makes plenty of sense as one positive factor in the big optimization function. Ceteris paribus, output increases are desirable.
- kodz4 7y ago> infinite GDP growth was possible in a finite world A circle is finite but what about Pi? Does it ever end?