Revisiting Keynes: economic possibilities for our grandchildren
In 1931 distinguished economist John Maynard Keynes published a short essay, "Economic Possibilities for Our Grandchildren," in his collection Essays in Persuasion. In the essay, he expressed optimism for the economic future despite the doldrums of the post-World War I years and the onset of the Great Depression. Keynes imagined that by 2030 the standard of living would be dramatically higher; people, liberated from want (and without the desire to consume for the sake of consumption), would work no more than fifteen hours a week, devoting the rest of their time to leisure and culture. In Revisiting Keynes, leading contemporary economists consider what Keynes got right in his essay—the rise in the standard of living, for example—and what he got wrong—such as a shortened work week and consumer satiation. In so doing, they raise challenging questions about the world economy and contemporary lifestyles in the twenty-first century.
The contributors—among them, four Nobel laureates in economics—point out that although Keynes correctly predicted economic growth, he neglected the problems of distribution and inequality. Keynes overestimated the desire of people to stop working and underestimated the pleasures and rewards of work—perhaps basing his idea of "economic bliss" on the life of the English gentleman or the ideals of his Bloomsbury group friends. In Revisiting Keynes, Keynes's short essay—usually seen as a minor divertissement compared to his other more influential works—becomes the catalyst for a lively debate among some of today’s top economists about economic growth, inequality, wealth, work, leisure, culture, and consumerism.
Contributors: William J. Baumol, Leonardo Becchetti, Gary S. Becker, Michele Boldrin, Jean-Paul Fitoussi, Robert H. Frank, Richard B. Freeman, Benjamin M. Friedman, Axel Leijonhufvud, David K. Levine, Lee E. Ohanian, Edmund S. Phelps, Luis Rayo, Robert Solow, Joseph E. Stiglitz, Fabrizio Zilibotti.
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Economic Possibilities for our Grandchildren 1930
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Revisiting Keynes: Economic Possibilities for Our Grandchildren
Lorenzo Pecchi,Gustavo Piga
Anteprima non disponibile - 2010
aggregate American argue average Axel Leijonhufvud Becchetti behavior capital accumulation capital deepening capitalist compound interest consumerism consumers corporatism corporatist culture decades decline demand depression differences economic growth Economic Possibilities economic problem economic theory economists efficiency elasticity employment endogenous enjoy equilibrium essay Europe European expect failure future global grandchildren growth rate higher household human improvements incentive income effect increase individuals industrial inequality investment J. E. Stiglitz J. M. Keynes John Maynard Keynes Keynes's Keynes's forecast labor force participation labor supply labor-saving innovation lead least less living standards long-run lower marginal marginal utility ment moral needs nomic OECD Ohanian output percent policies population prediction preferences productivity reduced relative consumption rich rise Robert Solow satiation saving social responsibility society Solow solved standard of living substitution effect technical progress technological progress tion trend unions United Kingdom utility wages wealth workers wrong Zilibotti