Edited by Robert W. Dimand and Harald Hagemann
Chapter 26: “Economic Possibilities for our Grandchildren”
The chapter focuses on the essay “Economic Possibilities for our Grandchildren” in which Keynes reflects on the consequences of the combined effect of capital accumulation and technical progress and the power of compound interest. In his vision for the year 2030 Keynes considered the economic problem largely solved for the developed Western world in the long run. However, with his estimation of a 15-hour working week Keynes regarded technological unemployment as a new major disease, a temporary problem owing to a phase of maladjustment. Keynes also analysed the social and moral consequences in a materially satiated world, that is, in the age of leisure and abundance. The “Grandchildren” essay elucidates Keynes ambivalent attitude to capitalism: efficient but imperfect from a moral or cultural perspective.
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