Comment by nathan_douglas
Comment by nathan_douglas 9 hours ago
This page: https://www.nobelprize.org/prizes/economic-sciences/2025/pre... explains in more detail what they mean. It's a pretty clean and effective explanation.
> Technology advances rapidly and affects us all, with new products and production methods replacing old ones in a never-ending cycle. This is the basis for sustained economic growth, which results in a better standard of living, health and quality of life for people around the globe.
> However, this was not always the case. Quite the opposite – stagnation was the norm throughout most of human history. Despite important discoveries now and again, which sometimes led to improved living conditions and higher incomes, growth always eventually levelled off.
...
> Technology advances rapidly and affects us all, with new products and production methods replacing old ones in a never-ending cycle. This is the basis for sustained economic growth
since the end of the 19th century...
Am I missing something?
How can they assert that the current trajectory of economic growth won't end in stagnation, like every other growth spurt throughout history?
Sure, the economic growth of the last 150 years is unprecedented in history. But so was the second most significant period of economic growth before it stagnated.