Steady-State Economics

Beginning with the Classical Economists’ concept of a stationary state we follow its theoretical development to modern steady-state economics with suggested policies to limit throughput, population, and distributive inequality in order to fit the physical economy within the confines of the laws of thermodynamics and of our interdependent and finite biosphere. Consequent changes in the production function, GDP accounting, and the concept of efficiency are considered. A brief comparison of Steady-State Economics with the more recent Degrowth, and Circular Economy movements ends the discussion.