Stationary State

Discipline: Economics

Referred to by Scottish economist Adam Smith (1723-1790), stationary state is a situation of zero growth in which the stock of goods is always the same (that is, quantity consumed equals quantity supplied in the same time period) and rewards to factors of production are at a minimum.

Also see: malthusian population theory, secular stagnation theory

Source:
A Smith, An Inquiry into the Nature and Causes of the Wealth of Nations (London, 1776)

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