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. ContributorsWilliam 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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