Keynesian economists, whom are the majority of economists, and of whom most government economic policy is based upon, have an illusion of continuous economic growth year upon year, and that without growth, we will have major problems; the latter part of that statement being true, but only within this system we build ourselves into.
We’ll get into the ridiculousness of this perpetual growth fantasy in a bit, but first I want to go over why growth is so vitally important in this Keynesian epoch.
Money, as I’m sure everyone knows, doesn’t just pop out of nowhere. Before we had the printing press, we used gold, silver, and various other tangible goods; such as tea in Siberia or cheese in parts of Italy.
So, once the printing press arrived and we moved to the modern incarnation of the fiat standard at the beginning of last century, we had to have a limit on our ability to create this money. Thus was born the era of debt.