Brian Czech in Supply Shock talks about "stagflation... a combination of inflation and recession..." an impossible situation in the steady state, where production and consumption are held stable at the standard of living chosen democratically and debt is a thing of the past.
To quote Shawne in Conn:The Alien Effect, the third book in The Archives of Varok, to be released this summer:
"The steady state means time to conserve everything and keep everyone working, sharing work hours, sharing big items locally, producing energy locally. Some people even understand the need for selective technology and replacement-only reproduction."
Oleyall, the great-fish guru to the varoks that come to visit Earth in The Alien Effect defines the "steady state economy" this way:
“Wastes, and all growth in population, production and consumption are minimized. All resources must be counted and quotas set according to democratically chosen standards of living. Some regions will need more, and others will need less. In any case, resources that are replaceable by new growth are replenished at the same rate as they are used. Those resources with limited quantities have minimal use and recycling.”