Is that necessarily a bad thing? Growth at the cost of everything doesn't seem to bode well long term. What would the potential consequences of an economy not based on continuous growth? Genuine question, not trying to be inflammatory.
This is the primary mechanism that has stagnated Japan's economy since their asset bubble burst in the 80's.
If you want to start a business you need investment and customers. You will get neither if everyone is hoarding cash. Investors will not stomach your risk when they can just safely sit on their balance. Customers will hesitate to buy your product because they will always expect your prices to go down the longer they wait.
I think consequences of a no growth economy are pretty bad. It would mean much more of the world becoming zero sum. The pie would be fixed.