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 Economic Development for a Growing Economy EDGE 2022

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Let’s say you discover a magical gold coin that doubles every 25 years. 75 years later, you’d only have eight coins. But 1,000 years later, you’d have over a trillion. And in just 4,600 years, your gold coins would outweigh the observable universe. This periodic doubling is an example of exponential growth, and while we’re not in any danger of discovering a real-life golden goose-coin, something almost as consequential has been growing like this for the past 200 or so years: the global economy. Many economists think that an eternally growing economy is necessary to keep improving people’s lives, and that if the global economy stops growing, people would fight more over the fixed amount of value that exists, rather than working to generate new value. That raises the question: is infinite growth possible on a finite planet? We measure economic growth by tracking the total financial value of everything a country (or the world) produces and sells on the market. These products can

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