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- Title
A reappraisal of Keynes's "Economic possibilities for our grandchildren".
- Abstract
This article provides a reappraisal of John Maynard Keynes's essay "The economic possibilities for our grandchildren" written in 1930. Keynes predicted large increases in wealth and a 15-hour workweek, both of which have come true. However, there has been no shift in people's preferences towards increasing leisure. The article analyzes Keynes's predictions and his theory of economic growth, highlighting the elements of population size, avoidance of disruptions, scientific advances, and stable capital investment. It also explores why Keynes's prediction of a 15-hour workweek has not materialized, offering six plausible explanations. The article concludes by noting that young people desire lives more aligned with Keynes's idea of leisure, suggesting that a preference for leisure over consumption may eventually lead to a 15-hour workweek.
- Subjects
KEYNES, John Maynard, 1883-1946; GRANDCHILDREN; ECONOMIC forecasting; YOUNG adults
- Publication
Monthly Labor Review, 2024, p1
- ISSN
0098-1818
- Publication type
Article