I think the economy would increase by a huge amount if people were immortal.
Think about the situation today: People are born, and consume huge amounts of resources in their childhood. Then they go to school, and consume more resources. They get into the work force at maybe 25, and don’t start to become really productive until they hit their thirties. Then they have a couple of decades of productive work, and then they retire and become productive for another 20-30 years before they die.
So a typical human in a western society today is only productive for maybe 25% of their lives.
Then there are the practical limitations of a short life that prevent us from being hyper-productive. For example, most people have to narrowly specialize in order to cram enough learning to be an expert into a relatively small number of years. That limits our effectiveness.
How productive would a 200 year old man or woman be, if they had the equivalent of Ph.D’s in physics, chemistry, english, mathematics, engineering of several types, law, and an M.D.? Think of the insights people could have if there was an unlimited amount of time to learn about your interests?
And here’s another factor: When geniuses come along, they are often thousands of times more productive than ‘average’. Think of what Einstein, Hawking, Newton, and a few dozen other super-geniuses have contributed to us. And yet, when they come along we only gain the benefit of having them at the peak of their ability before senescence sets in and they start to fade. Then they die, and we lose that resource. Imagine if they stuck around for thousands of years. What would come out of a scientific conference today that was attended by Isaac Newton, Albert Einstein, Richard Feynman, Stephen Hawking, etc?
What could those guys achieve if they had the freedom to take a couple of decades and apply their genius to other fields?
As for the ‘living off of interest’ thing… You say that like it’s a bad thing. Au Contraire. If the money is out there working, it’s creating wealth. Or rather, someone who is using it is. In today’s world, the productive die, leave their money to their kids, and their kids spend it non-productively. Leave the productive people their money, and they’ll grow it to immense proportions.
And there’s the real stress factor on society. Not everyone is equally productive. So by the time people die, there are wide disparities in wealth. But then the money changes hands, and the less productive get it and spend it. Or they are equally productive, in which case you wind up with the Rockefeller family in a few of generations.
Now imagine the disparity in wealth if people lived 1000 years. The gap between rich and poor would be huge.
That’d make a good science fiction premise. How would a society deal with that? One way would be to have periodic taxes that take a significant portion of wealth from people. Another would be to have an even more progressive tax system. Or there could be a ‘renewal’ tax, where you lose half of what you own on your 100th birthday, your 150th birthday, your 200th birthday, etc. Not that I think this would be a good thing, but you can imagine the adaptive mechanisms that might arise to handle this problem.
How about criminals? What’s a life sentence? If someone is a habitual felon, but committing crimes that aren’t serious enough to warrant the death penalty (car theft, drunken driving, stealing large items, assault, etc). What do you do with them? You can’t lock them up for eternity, and you can’t really kill someone for stealing a bicycle. Maybe some form of penal colony, with ‘parole’ reviews every 100 years?
Lots of interesting societal side-effects from this.