Steady-state economy

A steady-state economy is an economy made up of a constant population size and a constant stock of physical wealth (capital). The term typically refers to the national economy of a particular country, but it is also applicable to the economic system of a city, a region, or the entire world. In the history of economic thought, classical economist Adam Smith of the 18th century was the first economist to theorise on the concept of a stationary state of an economy. Smith conjectured that any national economy in the world would sooner or later settle in a final state of stationarity.