Final answer:
The defining characteristic of a steady state in macroeconomics is the maintenance of constant values of economic variables despite changes that may occur.
Step-by-step explanation:
The defining characteristic of a steady state in macroeconomics is B. Constant values of economic variables even as change occurs. This concept implies that the economy has reached a balance where economic variables such as GDP, employment rates, and price levels are not changing significantly over time. In a steady state economy, the focus shifts from continual growth to sustainable development, reflecting concerns about the long-term impact of expansion on the environment and society.
Steady state economics aims to maintain stability by meeting three major measures of economic well-being: consistent economic growth, low and consistent unemployment rates, and stable price levels. A steady state does not primarily focus on balanced trade or regular adjustments in monetary policy, although these can contribute to economic stability.
A notable economist, Milton Friedman, argued in favor of steady growth in the money supply to match the growth of the real economy and prevent monetary policy from being a source of economic disturbance. His views align with the principles of steady state economics but emphasize monetary policy over broader economic measures