Keynes Economic Possibilities For Our Grandchildren

Keynes' Economic Possibilities for Our Grandchildren: A 21st-Century Perspective

Introduction:

John Maynard Keynes' 1930 essay, "Economic Possibilities for Our Grandchildren," remains surprisingly relevant almost a century later. While written during the Great Depression, Keynes' optimistic vision of a future of abundance, achieved through technological progress and reduced working hours, sparks ongoing debate. This post will delve into Keynes' core arguments, examining their accuracy in light of subsequent economic developments and exploring the enduring questions his essay raises for our time. We'll dissect his predictions, analyze their successes and failures, and consider what his insights mean for our grandchildren – and perhaps even further generations. Prepare for a fascinating journey into the intersection of economics, technology, and the future of work.

1. Keynes' Bold Prediction: A 15-Hour Workweek?

Keynes' central thesis revolved around the potential for unprecedented technological advancement to dramatically boost productivity. He envisioned a future where technological progress would eliminate the need for excessive labor, leading to a drastically reduced working week – perhaps as short as 15 hours. This wasn't mere utopian dreaming; Keynes meticulously argued that this outcome was entirely possible, based on the historical trends he observed in productivity growth. He believed that if this increased productivity were properly managed, it could lead to widespread prosperity and leisure time.


2. The Technological Revolution: Fact and Fiction

Keynes' predictions about technological advancement were undeniably prescient. Since 1930, technology has revolutionized numerous industries, exponentially increasing productivity across the board. Automation, computing power, and advancements in manufacturing have outstripped even his boldest projections. However, the distribution of this wealth has proven far less equitable than Keynes anticipated. While productivity has soared, wages for many haven't kept pace, leading to growing income inequality – a stark contrast to his vision of shared prosperity.


3. The Challenge of Technological Unemployment

Keynes acknowledged the potential for technological unemployment, recognizing that machines could displace human labor. However, he was largely optimistic that society would adapt, finding new ways to utilize the freed-up workforce. This optimistic assessment hasn’t entirely held true. While new jobs have been created, the transition hasn't always been smooth, and many workers have found themselves ill-equipped for the demands of the new economy. The rise of automation and artificial intelligence continues to raise concerns about future job displacement.


4. The Role of Government and Economic Policy

Keynes stressed the importance of wise economic management to ensure that the benefits of technological progress are shared widely. He advocated for policies that would mitigate unemployment and promote equitable distribution of wealth. This includes measures like progressive taxation, social safety nets, and investments in education and retraining programs. The effectiveness of these policies has varied significantly across different countries and time periods, highlighting the complex challenge of managing technological change in a just and equitable manner.


5. Beyond Material Abundance: The Pursuit of Meaning

A crucial element often overlooked in discussions of Keynes' essay is his acknowledgment of the psychological implications of increased leisure time. He posited that humanity might struggle to adapt to a world with significantly reduced working hours, potentially leading to boredom and a search for new forms of meaning and purpose. This raises fundamental questions about the nature of work, identity, and the human condition in a post-scarcity society. Modern society still grapples with these existential questions as many find themselves struggling to find fulfillment outside the traditional structure of work.


6. Revisiting Keynes in the 21st Century: New Challenges

Keynes' essay, while insightful, was written in a time before issues like climate change, global inequality, and the digital divide became pressing global concerns. These modern challenges significantly impact the realization of his vision. Sustainable economic growth, equitable resource distribution, and bridging the technological gap are critical prerequisites for achieving the kind of prosperity Keynes envisioned. The sheer scale and complexity of these problems demand innovative solutions and international cooperation on an unprecedented scale.


7. The Enduring Legacy of Keynes' Optimism

Despite the complexities and challenges that have emerged since 1930, Keynes' optimistic belief in the potential of technological progress remains inspiring. His essay serves as a powerful reminder of the transformative power of innovation and the importance of proactive economic planning to ensure that progress benefits all of humanity. His call for a more just and equitable society remains as relevant today as it was nearly a century ago.


8. A Blueprint for the Future: Lessons from Keynes

Keynes' work underscores the critical need for long-term economic planning and responsible technological development. We must strive to create economic systems that prioritize sustainability, equity, and the well-being of all citizens. This requires a multifaceted approach, encompassing policies that support education, retraining, and job creation in emerging sectors, coupled with robust social safety nets that cushion the impact of technological displacement. Furthermore, fostering international cooperation and addressing global challenges is essential for achieving widespread prosperity.


Book Outline: "Reassessing Keynes: Economic Possibilities in the 21st Century"

Introduction: An overview of Keynes' essay and its continuing relevance.
Chapter 1: Keynes' original arguments and predictions in historical context.
Chapter 2: Technological advancements since 1930 and their impact on productivity and employment.
Chapter 3: Analysis of income inequality and the uneven distribution of technological benefits.
Chapter 4: The role of government in managing technological change and promoting equitable growth.
Chapter 5: The psychological implications of increased leisure time and the search for meaning.
Chapter 6: Contemporary challenges: climate change, global inequality, and the digital divide.
Chapter 7: Rethinking economic models for sustainable and equitable growth.
Conclusion: Key takeaways and a forward-looking perspective on achieving Keynes' vision.


(The above outline would be expanded upon to create the full book.)



FAQs:

1. Was Keynes' prediction of a 15-hour workweek unrealistic? While it hasn't materialized universally, technological advancements have significantly reduced working hours in many sectors.
2. How can we address technological unemployment? Through proactive investment in education, retraining, and the creation of new job opportunities in emerging sectors.
3. What role should government play in managing technological change? Governments must implement policies that promote equitable distribution of wealth and mitigate the negative consequences of automation.
4. How can we ensure the benefits of technological progress are shared more equally? Progressive taxation, robust social safety nets, and investments in education are key.
5. What are the psychological implications of a drastically reduced workweek? Society needs to address the potential for boredom and aim for a more fulfilling definition of purpose beyond traditional employment.
6. How does climate change affect the realization of Keynes' vision? Sustainable practices and green technologies are crucial to achieving long-term prosperity.
7. What is the significance of Keynes' emphasis on economic planning? Long-term planning is crucial to managing technological change and mitigating its negative consequences.
8. How can we bridge the digital divide? Investment in infrastructure and digital literacy programs is essential to ensure equitable access to technology.
9. Is Keynes' optimism still relevant today? Yes, his belief in technological progress remains inspiring, but his vision needs adaptation to address modern challenges.



Related Articles:

1. The Technological Singularity and its Economic Implications: Explores the potential impact of advanced AI on future economies.
2. Universal Basic Income: A Solution to Technological Unemployment?: Discusses the merits and challenges of a UBI system.
3. The Future of Work in the Age of Automation: Analyzes trends in automation and their effects on job markets.
4. Sustainable Development Goals and Economic Growth: Examines the link between economic growth and environmental sustainability.
5. Income Inequality and its Impact on Economic Growth: Explores the economic consequences of widening income disparities.
6. The Role of Education in a Changing Economy: Focuses on the importance of lifelong learning and skills development.
7. Globalisation and its impact on economic possibilities: Examines the role of international trade and cooperation.
8. Behavioral Economics and the Pursuit of Happiness: Discusses how psychological factors affect economic choices and well-being.
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  keynes economic possibilities for our grandchildren: Economic Possibilities for Our Grandchildren John Maynard Keynes, 1987-04-01
  keynes economic possibilities for our grandchildren: Revisiting Keynes Lorenzo Pecchi, Gustavo Piga, 2008 Leading economists revisit a provocative essay by John Maynard Keynes, debating Keynes's vision of growth, inequality, work, leisure, entrepreneurship, consumerism, and the search for happiness in the twenty-first century.
  keynes economic possibilities for our grandchildren: Essays in Persuasion John Maynard Keynes, 2022-08-01 DigiCat Publishing presents to you this special edition of Essays in Persuasion by John Maynard Keynes. DigiCat Publishing considers every written word to be a legacy of humankind. Every DigiCat book has been carefully reproduced for republishing in a new modern format. The books are available in print, as well as ebooks. DigiCat hopes you will treat this work with the acknowledgment and passion it deserves as a classic of world literature.
  keynes economic possibilities for our grandchildren: The Price of Peace Zachary D. Carter, 2021-04-20 NEW YORK TIMES BESTSELLER • An “outstanding new intellectual biography of John Maynard Keynes [that moves] swiftly along currents of lucidity and wit” (The New York Times), illuminating the world of the influential economist and his transformative ideas “A timely, lucid and compelling portrait of a man whose enduring relevance is always heightened when crisis strikes.”—The Wall Street Journal WINNER: The Arthur Ross Book Award Gold Medal • The Hillman Prize for Book Journalism FINALIST: The National Book Critics Circle Award • The Sabew Best in Business Book Award NAMED ONE OF THE TEN BEST BOOKS OF THE YEAR BY PUBLISHERS WEEKLY AND ONE OF THE BEST BOOKS OF THE YEAR BY Jennifer Szalai, The New York Times • The Economist • Bloomberg • Mother Jones At the dawn of World War I, a young academic named John Maynard Keynes hastily folded his long legs into the sidecar of his brother-in-law’s motorcycle for an odd, frantic journey that would change the course of history. Swept away from his placid home at Cambridge University by the currents of the conflict, Keynes found himself thrust into the halls of European treasuries to arrange emergency loans and packed off to America to negotiate the terms of economic combat. The terror and anxiety unleashed by the war would transform him from a comfortable obscurity into the most influential and controversial intellectual of his day—a man whose ideas still retain the power to shock in our own time. Keynes was not only an economist but the preeminent anti-authoritarian thinker of the twentieth century, one who devoted his life to the belief that art and ideas could conquer war and deprivation. As a moral philosopher, political theorist, and statesman, Keynes led an extraordinary life that took him from intimate turn-of-the-century parties in London’s riotous Bloomsbury art scene to the fevered negotiations in Paris that shaped the Treaty of Versailles, from stock market crashes on two continents to diplomatic breakthroughs in the mountains of New Hampshire to wartime ballet openings at London’s extravagant Covent Garden. Along the way, Keynes reinvented Enlightenment liberalism to meet the harrowing crises of the twentieth century. In the United States, his ideas became the foundation of a burgeoning economics profession, but they also became a flash point in the broader political struggle of the Cold War, as Keynesian acolytes faced off against conservatives in an intellectual battle for the future of the country—and the world. Though many Keynesian ideas survived the struggle, much of the project to which he devoted his life was lost. In this riveting biography, veteran journalist Zachary D. Carter unearths the lost legacy of one of history’s most fascinating minds. The Price of Peace revives a forgotten set of ideas about democracy, money, and the good life with transformative implications for today’s debates over inequality and the power politics that shape the global order. LONGLISTED FOR THE CUNDILL HISTORY PRIZE
  keynes economic possibilities for our grandchildren: Revisiting Keynes Lorenzo Pecchi, 2008 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' 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.
  keynes economic possibilities for our grandchildren: Principles of Ethical Economy P. Koslowski, 2012-12-06 John Maynard Keynes wrote to his grandchildren more than fifty years ago about their economic possibilities, and thus about our own: I see us free, there fore, to return to some of the most sure and certain principles of religion and traditional virtue - that avarice is a vice, that the exaction of usury is a misde meanour. . . . We shall once more value ends above means and prefer the good to the useful (Economic Possibilities for Our Grandchildren, pp. 371-72). In the year 1930 Keynes regarded these prospects as realizable only after a time span ofone hundred years, ofwhich we have now achieved more than half. The pres ent book does not share Keynes's view that the possibility of an integration of ethics and economics is dependent exclusively on the state of economic devel opment, though this integration is certainly made easier by an advantageous total economic situation. The conditions of an economy that is becoming post of ethics, cultural industrial and post-modern are favorable for the unification theory, and economics. Economic development makes a new establishment of economic ethics and a theory ofethical economy necessary. Herdecke and Hanover, October 1987 P. K. TABLE OF CONTENTS Foreword v Introduction . 0. 1. Ethical Economy and Political Economy . . 0. 1. 1. Ethical Economy as Theory ofthe Ethical Presuppositions of the Economy and Economic Ethics 3 0. 1. 2.
  keynes economic possibilities for our grandchildren: The Post-Widget Society Lawrence H. Summers, 2017 Lawrence H. Summers presents a new paradigm for thinking about the current economic and technological revolution We are buffeted by the sense that everything is accelerating: Digital technology is changing the way we work, shop, and socialize. And yet for all the talk about disruptive innovations, economic growth is largely stagnant. We are told that with new technologies average citizens are empowered as never before, and yet wide swaths of the population feel powerless and can no longer count on stable careers and a better life for their children. As Lawrence H. Summers shows in The Post-Widget Society, these are the paradoxes that define the economic revolution that is transforming our world. At the heart of this revolution are two dramatic developments in Western economies: the declining significance of widgets (mass-produced goods) and the rise of design goods (products that cost a lot to design but little to produce); and the controversial prospect of secular stagnation, the long-term phenomenon of negligible economic growth and depressed employment in a dynamic market economy. Summers’s trenchant analysis of these trends reveals that they have profound implications not only for the future of jobs and widening income inequality but also for the nature of the state and the very stability of society. A bold, pathbreaking book by one of our most important economists, The Post-Widget Society is necessary reading for every American concerned about our economic and political future.
  keynes economic possibilities for our grandchildren: The End of Poverty Jeffrey D. Sachs, 2006-02-28 Book and man are brilliant, passionate, optimistic and impatient . . . Outstanding. —The Economist The landmark exploration of economic prosperity and how the world can escape from extreme poverty for the world's poorest citizens, from one of the world's most renowned economists Hailed by Time as one of the world's hundred most influential people, Jeffrey D. Sachs is renowned for his work around the globe advising economies in crisis. Now a classic of its genre, The End of Poverty distills more than thirty years of experience to offer a uniquely informed vision of the steps that can transform impoverished countries into prosperous ones. Marrying vivid storytelling with rigorous analysis, Sachs lays out a clear conceptual map of the world economy. Explaining his own work in Bolivia, Russia, India, China, and Africa, he offers an integrated set of solutions to the interwoven economic, political, environmental, and social problems that challenge the world's poorest countries. Ten years after its initial publication, The End of Poverty remains an indispensible and influential work. In this 10th anniversary edition, Sachs presents an extensive new foreword assessing the progress of the past decade, the work that remains to be done, and how each of us can help. He also looks ahead across the next fifteen years to 2030, the United Nations' target date for ending extreme poverty, offering new insights and recommendations.
  keynes economic possibilities for our grandchildren: What We Really Do All Day Jonathan Gershuny, Oriel Sullivan, 2019-06-27 How has the way we spend our time changed over the last fifty years? Are we really working more, sleeping less and addicted to our phones? What does this mean for our health, wealth and happiness? Everything we do happens in time and it feels like our lives are busier than ever before. Yet a detailed look at our daily activities reveals some surprising truths about the social and economic structure of the world we live in. This book delves into the unrivalled data collection and expertise of the Centre for Time Use Research to explore fifty-five years of change and what it means for us today.
  keynes economic possibilities for our grandchildren: How Much is Enough? Robert Skidelsky, Edward Skidelsky, 2012-06-19 A provocative and timely call for a moral approach to economics, drawing on philosophers, political theorists, writers, and economists from Aristotle to Marx to Keynes. What constitutes the good life? What is the true value of money? Why do we work such long hours merely to acquire greater wealth? These are some of the questions that many asked themselves when the financial system crashed in 2008. This book tackles such questions head-on. The authors begin with the great economist John Maynard Keynes. In 1930 Keynes predicted that, within a century, per capita income would steadily rise, people’s basic needs would be met, and no one would have to work more than fifteen hours a week. Clearly, he was wrong: though income has increased as he envisioned, our wants have seemingly gone unsatisfied, and we continue to work long hours. The Skidelskys explain why Keynes was mistaken. Then, arguing from the premise that economics is a moral science, they trace the concept of the good life from Aristotle to the present and show how our lives over the last half century have strayed from that ideal. Finally, they issue a call to think anew about what really matters in our lives and how to attain it. How Much Is Enough? is that rarity, a work of deep intelligence and ethical commitment accessible to all readers. It will be lauded, debated, cited, and criticized. It will not be ignored.
  keynes economic possibilities for our grandchildren: In 100 Years Ignacio Palacios-Huerta, 2013 In this book, ten prominent economists—including Nobel laureates and several likely laureates—offer their ideas about what the future might hold in 100 years. This pithy and engaging volume shows that economists may be better equipped to predict the future than science fiction writers. Economists' ideas, based on both theory and practice, reflect their knowledge of the laws of human interactions as well as years of experimentation and reflection. Although perhaps not as screenplay-ready as a work of fiction, these economists' predictions are ready for their close-ups. In this book, ten prominent economists—including Nobel laureates and several likely laureates—offer their ideas about the world of the twenty-second century. In scenarios that range from the optimistic to the guardedly gloomy, these thinkers consider such topics as the transformation of work and wages, the continuing increase in inequality, the economic rise of China and India, the endlessly repeating cycle of crisis and (projected) recovery, the benefits of technology, the economic consequences of political extremism, and the long-range effects of climate change. For example, 2013 Nobelist Robert Shiller provides an innovative view of future risk management methods using information technology; and Martin Weitzman raises the intriguing but alarming possibility of using geoengineering techniques to mitigate the inevitable effects of climate change. Contributors Daron Acemoglu, Angus Deaton, Avinash K. Dixit, Edward L. Glaeser, Andreu Mas-Colell, John E. Roemer, Alvin E. Roth, Robert J. Shiller, Robert M. Solow, Martin L. Weitzman
  keynes economic possibilities for our grandchildren: The Essential Keynes John Maynard Keynes, 2015-04-30 Edited with an introduction by ROBERT SKIDELSKY 'Many of the greatest economic evils of our time are the fruits of risk, uncertainty, and ignorance' John Maynard Keynes was the most influential economist, and one of the most influential thinkers, of the twentieth century. He overturned the orthodoxy that markets were optimally self-regulating, and instead argued for state intervention to ensure full employment and economic stability. This new selection is the first comprehensive single-volume edition of Keynes's writings on economics, philosophy, social theory and policy, including several pieces never before published. Full of irony and wit, they offer a dazzling introduction to a figure whose ideas still have urgent relevance today. John Maynard Keynes (1883-1946) is widely considered to have been the most influential economist of the 20th century. His key books include The Economic Consequences of the Peace (1919); A Treatise on Probability (1921); A Tract on Monetary Reform (1923); A Treatise on Money (1930); and his magnum opus, the General Theory of Employment, Interest, and Money (1936). Robert Skidelsky is Emeritus Professor of Political Economy at Warwick. His three-volume biography of Keynes received numerous awards, including the Lionel Gelber Prize and the Council on Foreign Relations Prize.
  keynes economic possibilities for our grandchildren: Trillion Dollar Economists Robert Litan, 2014-09-22 A detailed look at how economists shaped the world, and how the legacy continues Trillion Dollar Economists explores the prize-winning ideas that have shaped business decisions, business models, and government policies, expanding the popular idea of the economist's role from one of forecaster to one of innovator. Written by the former Director of Economic Research at Bloomberg Government, the Kauffman Foundation and the Brookings Institution, this book describes the ways in which economists have helped shape the world – in some cases, dramatically enough to be recognized with a Nobel Prize or Clark Medal. Detailed discussion of how economists think about the world and the pace of future innovation leads to an examination of the role, importance, and limits of the market, and economists' contributions to business and policy in the past, present, and future. Few economists actually forecast the economy's performance. Instead, the bulk of the profession is concerned with how markets work, and how they can be made more efficient and productive to generate the things people want to buy for a better life. Full of interviews with leading economists and industry leaders, Trillion Dollar Economists showcases the innovations that have built modern business and policy. Readers will: Review the basics of economics and the innovation of economists, including market failures and the macro-micro distinction Discover the true power of economic ideas when used directly in business, as exemplified by Priceline and Google Learn how economists contributed to policy platforms in transportation, energy, telecommunication, and more Explore the future of economics in business applications, and the policy ideas, challenges, and implications Economists have helped firms launch new businesses, established new ways of making money, and shaped government policy to create new opportunities and a new landscape on which businesses compete. Trillion Dollar Economists provides a comprehensive exploration of these contributions, and a detailed look at innovation to come.
  keynes economic possibilities for our grandchildren: Fully Automated Luxury Communism Aaron Bastani, 2019-06-11 The first decade of the twenty-first century marked the demise of the current world order. Despite widespread acknowledgement of these disruptive crises, the proposed response from the mainstream remains the same. Against the confines of this increasingly limited politics, a new paradigm has emerged. Fully Automated Luxury Communism claims that new technologies will liberate us from work, providing the opportunity to build a society beyond both capitalism and scarcity. Automation, rather than undermining an economy built on full employment, is instead the path to a world of liberty, luxury and happiness. For everyone. In his first book, radical political commentator Aaron Bastani conjures a new politics: a vision of a world of unimaginable hope, highlighting how we move to energy abundance, feed a world of nine billion, overcome work, transcend the limits of biology and build meaningful freedom for everyone. Rather than a final destination, such a society heralds the beginning of history. Fully Automated Luxury Communism promises a radically new left future for everyone.
  keynes economic possibilities for our grandchildren: Overwhelmed Brigid Schulte, 2014-03-13 ______________________ 'Too much to do? Stop and read this' - Guardian 'For a fresh take on an eternal dilemma, Overwhelmed is worth a few hours of any busy woman's life – if only to ensure that she doesn't drop off the bottom of her own “To Do” list' - Mail on Sunday ______________________ In her attempts to juggle work and family life, Brigid Schulte has baked cakes until 2 a.m., frantically (but surreptitiously) sent important emails during school trips and then worked long into the night after her children were in bed. Realising she had become someone who constantly burst in late, trailing shoes and schoolbooks and biscuit crumbs, she began to question, like so many of us, whether it is possible to be anything you want to be, have a family and still have time to breathe. So when Schulte met an eminent sociologist who studies time and he told her she enjoyed thirty hours of leisure each week, she thought her head was going to pop off. What followed was a trip down the rabbit hole of busy-ness, a journey to discover why so many of us find it near-impossible to press the 'pause' button on life and what got us here in the first place. Overwhelmed maps the individual, historical, biological and societal stresses that have ripped working mothers' and fathers' leisure to shreds, and asks how it might be possible for us to put the pieces back together. Seeking insights, answers and inspiration, Schulte explores everything from the wiring of the brain and why workplaces are becoming increasingly demanding, to worldwide differences in family policy, how cultural norms shape our experiences at work, our unequal division of labour at home and why it's so hard for everyone – but women especially – to feel they deserve an elusive moment of peace. ______________________ 'Every parent, every caregiver, every person who feels besieged by permanent busyness, must read this book' - Anne-Marie Slaughter, author of Why Women Still Can't Have It All
  keynes economic possibilities for our grandchildren: In the Long Run We Are All Dead Geoff Mann, 2017-01-24 A groundbreaking debunking of moderate attempts to resolve financial crises In the ruins of the 2007–2008 financial crisis, self-proclaimed progressives the world over clamored to resurrect the economic theory of John Maynard Keynes. The crisis seemed to expose the disaster of small-state, free-market liberalization and deregulation. Keynesian political economy, in contrast, could put the state back at the heart of the economy and arm it with the knowledge needed to rescue us. But what it was supposed to rescue us from was not so clear. Was it the end of capitalism or the end of the world? For Keynesianism, the answer is both. Keynesians are not and never have been out to save capitalism, but rather to save civilization from itself. It is political economy, they promise, for the world in which we actually live: a world in which prices are “sticky,” information is “asymmetrical,” and uncertainty inescapable. In this world, things will definitely not take care of themselves in the long run. Poverty is ineradicable, markets fail, and revolutions lead to tyranny. Keynesianism is thus modern liberalism’s most persuasive internal critique, meeting two centuries of crisis with a proposal for capital without capitalism and revolution without revolutionaries. If our current crises have renewed Keynesianism for so many, it is less because the present is worth saving, than because the future seems out of control. In that situation, Keynesianism is a perfect fit: a faith for the faithless.
  keynes economic possibilities for our grandchildren: Utopia for Realists Rutger Bregman, 2017-03-05 THE SUNDAY TIMES BESTSELLER 'Listen out for Rutger Bregman. He has a big future shaping the future' Observer 'A more politically radical Malcolm Gladwell' New York Times 'The Dutch wunderkind of new ideas' Guardian In Utopia for Realists, Rutger Bregman shows that we can construct a society with visionary ideas that are, in fact, wholly implementable. Every milestone of civilisation – from the end of slavery to the beginning of democracy – was once considered a utopian fantasy. New utopian ideas such as universal basic income and a fifteen-hour work week can become reality in our lifetime. From a Canadian city that once completely eradicated poverty, to Richard Nixon's near implementation of a basic income for millions of Americans, Bregman takes us on a journey through history, beyond the traditional left-right divides, as he introduces ideas whose time has come.
  keynes economic possibilities for our grandchildren: General Theory Of Employment , Interest And Money John Maynard Keynes, 2016-04 John Maynard Keynes is the great British economist of the twentieth century whose hugely influential work The General Theory of Employment, Interest and * is undoubtedly the century's most important book on economics--strongly influencing economic theory and practice, particularly with regard to the role of government in stimulating and regulating a nation's economic life. Keynes's work has undergone significant revaluation in recent years, and Keynesian views which have been widely defended for so long are now perceived as at odds with Keynes's own thinking. Recent scholarship and research has demonstrated considerable rivalry and controversy concerning the proper interpretation of Keynes's works, such that recourse to the original text is all the more important. Although considered by a few critics that the sentence structures of the book are quite incomprehensible and almost unbearable to read, the book is an essential reading for all those who desire a basic education in economics. The key to understanding Keynes is the notion that at particular times in the business cycle, an economy can become over-productive (or under-consumptive) and thus, a vicious spiral is begun that results in massive layoffs and cuts in production as businesses attempt to equilibrate aggregate supply and demand. Thus, full employment is only one of many or multiple macro equilibria. If an economy reaches an underemployment equilibrium, something is necessary to boost or stimulate demand to produce full employment. This something could be business investment but because of the logic and individualist nature of investment decisions, it is unlikely to rapidly restore full employment. Keynes logically seizes upon the public budget and government expenditures as the quickest way to restore full employment. Borrowing the * to finance the deficit from private households and businesses is a quick, direct way to restore full employment while at the same time, redirecting or siphoning
  keynes economic possibilities for our grandchildren: The Market Sydney N. Afriat, 2006-05-23 This punchy book unites mainline mathematical economics and sometimes idiosyncratic political economy. Freshness is brought to the market concept giving general equilibrium theory a new lease of life, and an opening of thought on such matters as free trade, globalization and the environment. Where most theories of general equilibrium have been based on utility maximizing traders, Afriat here maintains the view that the topic essentially is concerned with aggregates and that anything to do with utility is at best secondary if not spurious. The book goes on to discuss political economy, in particular the idea of 'optimum', and its abuses, especially in doctrine related to the market. This novel book will be of equal appeal to mathematical thinkers, those interested in the theory of market and political economists.
  keynes economic possibilities for our grandchildren: Robots Will Steal Your Job, But That's OK Federico Pistono, You are about to become obsolete. You think you are special, unique, and that whatever it is that you are doing is impossible to replace. You are wrong. As we speak, millions of algorithms created by computer scientists are frantically running on servers all over the world, with one sole purpose: do whatever humans can do, but better. That is the argument for a phenomenon called technological unemployment, one that is pervading modern society. But is that really the case? Or is it just a futuristic fantasy? What will become of us in the coming years, and what can we do to prevent a catastrophic collapse of society? Robots Will Steal Your Job, But That's OK: how to survive the economic collapse and be happy explores the impact of technological advances on our lives, what it means to be happy, and provides suggestions on how to avoid a systemic collapse.
  keynes economic possibilities for our grandchildren: Pragmatic Capitalism Cullen Roche, 2014-07-08 Being successful in the modern world of finance requires a more in-depth understanding of our global economies on a macro level. What does a shifting demographic cycle mean? How does the explosive growth of emerging markets matter? Why does the world's population affect my portfolio? Does the global monetary system impact my results this year? How does government intervention in markets impact my strategy? In Pragmatic Capitalism, Cullen Roche explores how our global economy works and why it is more important now than ever for investors to understand macroeconomics. Cullen Roche combines his expertise in global macro portfolio management, quantitative risk management, behavioral finance, and monetary theory to explain to readers how macroeconomics works, and provides insights and suggestions for getting the most out of their investment strategies. This book will uncover market myths and explain the rise of macroeconomics and why it impacts the readers' portfolio construction. Pragmatic Capitalism is a must for any sophisticated investor who wants to make the most of their portfolio.
  keynes economic possibilities for our grandchildren: The means to prosperity ,
  keynes economic possibilities for our grandchildren: The Economics of Social Responsibility Carlo Borzaga, Leonardo Becchetti, 2010-06-10 This book offers a rethinking of the burgeoning research on not-for-profit organizations and socially responsible economics. Adopting a comparative approach, the chapters explore and reinterpret the impact of social enterprises on the provision of general-interest services, work integration, microfinance, and fair trade, and show how these enterprises form the hub of an emerging economy of social responsibility. The book provides a new interpretation of social enterprises as entrepreneurial organizations that pursue social objectives and are successful due to the non-self-seeking motives of their members. This book will be of interest to postgraduate students, professionals working in the not-for-profit sector, and scholars interested in socially responsible economics. It is particularly suitable for seminars and workshops focusing on the management of not-for-profit organizations, sustainable development, and globalization.
  keynes economic possibilities for our grandchildren: A Guide to Sustainable Corporate Responsibility Caroline D. Ditlev-Simonsen, 2022 This open access book discusses the challenges and opportunities faced by companies in an age that increasingly values sustainability and demands corporate responsibility. Beginning with the historical development of corporate responsibility, this book moves from academic theory to practical application. It points to ways in which companies can successfully manage their transition to a more responsible, sustainable way of doing business, common mistakes to avoid and how the UN Sustainable Development Goals are integral to any sustainability transformation. Practical cases illustrate key points. Drawing on thirty years of sustainability research and extensive corporate experience, the author provides tools such as a Step-by-Step strategic guide on integrating sustainability in collaboration with stakeholders including employees, customers, suppliers and investors. The book is particularly relevant for SMEs and companies operating in emerging markets. From a broader perspective, the value of externalities, full cost pricing, alternative economic theories and circular economy are also addressed.
  keynes economic possibilities for our grandchildren: The Making of Global Capitalism Leo Panitch, Sam Gindin, 2012-10-09 No Marketing Blurb
  keynes economic possibilities for our grandchildren: Economics as Religion Robert H. Nelson, 2015-06-13 Robert Nelson’s Reaching for Heaven on Earth, Economics as Religion, and The New Holy Wars: Economic Religion Versus Environmental Religion in Contemporary America read almost like a trilogy, exploring and charting the boundaries of theology and economics from the Western foundations of ancient Greece through the traditions that Nelson identifies as “Protestant” and “Roman,” and on into modern economic forms such as Marxism and capitalism, as well as environmentalism. Nelson argues that economics can be a genuine form of religion and that it should inform our understanding of the religious developments of our times. This edition of Economics as Religion situates the influence of his work in the scholarly economic and theological conversations of today and reflects on the state of the economics profession and the potential implications for theology, economics, and other social sciences.
  keynes economic possibilities for our grandchildren: Measuring the Value of Culture Jeanette D. Snowball, 2007-10-25 This book documents the use of methods that put a value on cultural goods, including theater, cultural events, museums, archeological sites, and libraries. The author sets forth the advantages and disadvantages of each method using case studies to illustrate how they work. Moreover, the theoretical background of the methods and the kind of information they can provide are discussed. Both market and non-market valuation techniques are covered.
  keynes economic possibilities for our grandchildren: The 1619 Project: A Critique Phillip W. Magness, 2020-04-07 ”When I first weighed in upon the New York Times’ 1619 Project, I was struck by its conflicted messaging. Comprising an entire magazine feature and a sizable advertising budget, the newspaper’s initiative conveyed a serious attempt to engage the public in an intellectual exchange about the history of slavery in the United States and its lingering harms to our social fabric. It also seemed to avoid the superficiality of many public history initiatives, which all too often reduce over 400 complex years of slavery’s history and legacy to sweeping generalizations. Instead, the Times promised detailed thematic explorations of topics ranging from the first slave ship’s arrival in Jamestown, Virginia, in 1619 to the politics of race in the present day. At the same time, however, certain 1619 Project essayists infused this worthy line of inquiry with a heavy stream of ideological advocacy. Times reporter Nikole Hannah-Jones announced this political intention openly, pairing progressive activism with the initiative’s stated educational purposes. In assembling these essays, I make no claim of resolving what continues to be a vibrant and ongoing discussion. Neither should my work be viewed as the final arbiter of historical accuracy, though I do evaluate a number of factual and interpretive claims made by the project’s authors. Rather, the aim is to provide an accessible resource for readers wishing to navigate the scholarly disputes, offering my own interpretive take on claims pertaining to areas of history in which I have worked. -- Phil Magness
  keynes economic possibilities for our grandchildren: The Worldly Philosophers Robert L. Heilbroner, 1953 Introduction.--The economic revolution.--The wonderful world of Adam Smith.--The gloomy world of Parson Malthus and David Ricardo.--The beautiful world of the Utopian socialists.--The inexorable world of Karl Marx.--The Victorian world and the underworld of economics.--The savage world of Thorstein Veblen.--The sick world of John Maynard Keynes.--The modern world.--Beyond the economic revolution.--A guide to further reading (p. 320-326).
  keynes economic possibilities for our grandchildren: Keynes Against Capitalism James Crotty, 2019-04-29 Keynes is one of the most important and influential economists who ever lived. It is almost universally believed that Keynes wrote his magnum opus, The General Theory of Employment, Interest and Money, to save capitalism from the socialist, communist, and fascist forces that were rising up during the Great Depression era. This book argues that this was not the case with respect to socialism. Tracing the evolution of Keynes’s views on policy from WWI until his death in 1946, Crotty argues that virtually all post-WWII Keynesian economists misinterpreted crucial parts of Keynes’s economic theory, misunderstood many of his policy views, and failed to realize that his overarching political objective was not to save British capitalism, but rather to replace it with Liberal Socialism. This book shows how Keynes’s Liberal Socialism began to take shape in his mind in the mid-1920s, evolved into a more concrete institutional form over the next decade or so, and was laid out in detail in his work on postwar economic planning at Britain’s Treasury during WWII. Finally, it explains how The General Theory provided the rigorous economic theoretical foundation needed to support his case against capitalism in support of Liberal Socialism. Offering an original and highly informative exposition of Keynes’s work, this book should be of great interest to teachers and students of economics. It should also appeal to a general audience interested in the role the most important economist of the 20th century played in developing the case against capitalism and in support of Liberal Socialism. Keynes Against Capitalism is especially relevant in the context of today’s global economic and political crises.
  keynes economic possibilities for our grandchildren: Work James Suzman, 2022-01-18 This book is a tour de force. --Adam Grant, New York Times bestselling author of Give and Take A revolutionary new history of humankind through the prism of work by leading anthropologist James Suzman Work defines who we are. It determines our status, and dictates how, where, and with whom we spend most of our time. It mediates our self-worth and molds our values. But are we hard-wired to work as hard as we do? Did our Stone Age ancestors also live to work and work to live? And what might a world where work plays a far less important role look like? To answer these questions, James Suzman charts a grand history of work from the origins of life on Earth to our ever more automated present, challenging some of our deepest assumptions about who we are. Drawing insights from anthropology, archaeology, evolutionary biology, zoology, physics, and economics, he shows that while we have evolved to find joy, meaning and purpose in work, for most of human history our ancestors worked far less and thought very differently about work than we do now. He demonstrates how our contemporary culture of work has its roots in the agricultural revolution ten thousand years ago. Our sense of what it is to be human was transformed by the transition from foraging to food production, and, later, our migration to cities. Since then, our relationships with one another and with our environments, and even our sense of the passage of time, have not been the same. Arguing that we are in the midst of a similarly transformative point in history, Suzman shows how automation might revolutionize our relationship with work and in doing so usher in a more sustainable and equitable future for our world and ourselves.
  keynes economic possibilities for our grandchildren: Raising Keynes Stephen A. Marglin, 2020-07-14 Back to the future: a heterodox economist rewrites Keynes's General Theory of Employment, Interest, and Money to serve as the basis for a macroeconomics for the twenty-first century. John Maynard Keynes's General Theory of Employment, Interest, and Money was the most influential economic idea of the twentieth century. But, argues Stephen Marglin, its radical implications were obscured by Keynes's lack of the mathematical tools necessary to argue convincingly that the problem was the market itself, as distinct from myriad sources of friction around its margins. Marglin fills in the theoretical gaps, revealing the deeper meaning of the General Theory. Drawing on eight decades of discussion and debate since the General Theory was published, as well as on his own research, Marglin substantiates Keynes's intuition that there is no mechanism within a capitalist economy that ensures full employment. Even if deregulating the economy could make it more like the textbook ideal of perfect competition, this would not address the problem that Keynes identified: the potential inadequacy of aggregate demand. Ordinary citizens have paid a steep price for the distortion of Keynes's message. Fiscal policy has been relegated to emergencies like the Great Recession. Monetary policy has focused unduly on inflation. In both cases the underlying rationale is the false premise that in the long run at least the economy is self-regulating so that fiscal policy is unnecessary and inflation beyond a modest 2 percent serves no useful purpose. Fleshing out Keynes's intuition that the problem is not the warts on the body of capitalism but capitalism itself, Raising Keynes provides the foundation for a twenty-first-century macroeconomics that can both respond to crises and guide long-run policy.
  keynes economic possibilities for our grandchildren: Hayek on Hayek Stephen Kresge, Leif Wenar, 2020-04-07 This book traces the life's work of a man now widely regarded as one of the greatest economists, political philosophers and social theorists of the century. The result is the most alive and accessible introduction to Hayek to date.
  keynes economic possibilities for our grandchildren: Islamic Banking and Finance Muhammad Ayub (Banker), 2002
  keynes economic possibilities for our grandchildren: The State of Working America 2006/2007 Lawrence R. Mishel, Jared Bernstein, Sylvia A. Allegretto, 2007 Praise for previous editions of The State of Working America: The State of Working America remains unrivaled as the most-trusted source for a comprehensive understanding of how working Americans and their families are faring in today's economy.--Robert B. ReichIt is the inequality of wealth, argue the authors, rather than new technology (as some would have it), that is responsible for the failure of America's workplace to keep pace with the country's economic growth. The State of Working America is a well-written, soundly argued, and important reference book.--Library Journal If you want to know what happened to the economic well-being of the average American in the past decade or so, this is the book for you. It should be required reading for Americans of all political persuasions.--Richard Freeman, Harvard University A truly comprehensive and useful book that provides a reality check on loose statements about U.S. labor markets. It should be cheered by all Americans who earn their living from work.--William Wolman, former chief economist, CNBC's Business Week The State of Working America provides very valuable factual and analytic material on the economic conditions of American workers. It is the very best source of information on this important subject.--Ray Marshall, University of Texas, former U.S. Secretary of LaborAn indispensable work . . . on family income, wages, taxes, employment, and the distribution of wealth.--Simon Head, The New York Review of Books No matter what political camp you're in, this is the single most valuable book I know of about the state of America, period. It is the most referenced, most influential resource book of its kind.--Jeff Madrick, author, The End of Affluence This book is the single best yardstick for measuring whether or not our economic policies are doing enough to ensure that our economy can, once again, grow for everybody.--Richard A. Gephardt The best place to review the latest developments in changes in the distribution of income and wealth.--Lester ThurowThe State of Working America, prepared biennially since 1988 by the Economic Policy Institute, includes a wide variety of data on family incomes, wages, taxes, unemployment, wealth, and poverty-data that enable the authors to closely examine the effect of the economy on the living standards of the American people.
  keynes economic possibilities for our grandchildren: Automatic Society, Volume 1 Bernard Stiegler, 2017-01-30 In July 2014 the Belgian newspaper Le Soir claimed that France, Belgium, the United Kingdom, Italy, Poland and the United States may lose between 43 and 50 per cent of their jobs within ten to fifteen years. Across the world, integrated automation, one key result of the so-called ‘data economy’, is leading to a drastic reduction in employment in all areas - from the legal profession to truck driving, from medicine to stevedoring. In this first volume of a new series, the leading cultural theorist Bernard Stiegler advocates a radical solution to the crisis posed by automation and consumer capitalism more generally. He calls for a decoupling of the concept of ‘labour’ (meaningful, intellectual participation) from ‘employment’ (dehumanizing, banal work), with the ultimate aim of eradicating ‘employment’ altogether. By doing so, new and alternative economic models will arise, where individuals are no longer simply mined for labour, but also actively produce what they consume. Building substantially on his existing theories and engaging with a wide range of figures - from Deleuze and Foucault to Bill Gates and Alan Greenspan - Automatic Society will appeal to students and scholars across the social sciences and humanities, as well as anyone concerned with the central question of the future of work.
  keynes economic possibilities for our grandchildren: Keynes, Knowledge and Uncertainty Sheila C. Dow, John Hillard, 1995 In Keynes, Knowledge and Uncertainty, the economics and philosophy of J.M. Keynes are placed in relation to contemporary ideas on economic theorizing, demonstrating the prescience of his thought while also opening up further possibilities for adapting, developing and applying his ideas. Bringing together the work of many leading figures in the fields of Keynes studies and epistemology, this volume of essays strengthens the foundations of post Keynesian economics and includes constructive developments in the theory of uncertainty and its application.
  keynes economic possibilities for our grandchildren: Money, Financial Institutions and Macroeconomics Avi J. Cohen, Harald Hagemann, John Smithin, 1997-05-31 These 18 papers from the April 1995 conference at York U., Toronto present comparative and international perspectives on recent research in monetary theory and its application to practical policy issues. Although the contributors tend to emphasize the importance of credit creation in the monetary process, some of the authors offer more mainstream approaches. Topics include the roles of interest rate determination and the endogeneity of money in the credit economy, and monetary policy in North America and Europe. Annotation copyrighted by Book News, Inc., Portland, OR
  keynes economic possibilities for our grandchildren: A Short View of Russia John Maynard Keynes, 1925
  keynes economic possibilities for our grandchildren: Economy, Society and Public Policy The Core Team, 2019 Economy, Society, and Public Policy is a new way to learn economics. It is designed specifically for students studying social sciences, public policy, business studies, engineering and other disciplines who want to understand how the economy works and how it can be made to work better. Topical policy problems are used to motivate learning of key concepts and methods of economics. It engages, challenges and empowers students, and will provide them with the tools to articulate reasoned views on pressing policy problems. This project is the result of a worldwide collaboration between researchers, educators, and students who are committed to bringing the socially relevant insights of economics to a broader audience.KEY FEATURESESPP does not teach microeconomics as a body of knowledge separate from macroeconomicsStudents begin their study of economics by understanding that the economy is situated within society and the biosphereStudents study problems of identifying causation, not just correlation, through the use of natural experiments, lab experiments, and other quantitative methodsSocial interactions, modelled using simple game theory, and incomplete information, modelled using a series of principal-agent problems, are introduced from the beginning. As a result, phenomena studied by the other social sciences such as social norms and the exercise of power play a roleThe insights of diverse schools of thought, from Marx and the classical economists to Hayek and Schumpeter, play an integral part in the bookThe way economists think about public policy is central to ESPP. This is introduced in Units 2 and 3, rather than later in the course.