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.