For most of human history, the supply of products was always far lower than the demand for them. It is hard to believe, how radically this changed in the last 30 years. Just as unbelievable as the fact that 15 years ago, if you wanted to find your way around a new town, you had no other choice but to stop your car a dozen times and stop strangers and ask them. There was no Google Maps, no smartphone or 3G.
I remember standing in a queue in 1989 outside the Delhi Milk Scheme (DMS) store to get milk which was rationed - half a litre per person in the household. In those days Europe was described in India as a place where ‘doodh ki nadiyan behti hain’ (where rivers of milk flow).
There are still places in the world where getting things is hard; but in most of the developed and developing nations, that is not the case. [*except in America where it seems like getting anything involves a 3-week wait]
At a time when demand outstripped supply, growth always seemed infinite. You could bring as much supply to the market as you wished and the market would gobble it up. This ramping up of scale was referred to as growth by most businesses and it has kept shareholders happy for the past 100 years.