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Revisiting Keynes ─ Economic Possibilities for Our Grandchildren
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Revisiting Keynes ─ Economic Possibilities for Our Grandchildren

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In 1931 distinguished economist John Maynard Keynes published a short essay,"Economic Possibilities for Our Grandchildren," in his collection Essays in Persuasion. Inthe essay, he expressed optimism for the economic future despite the doldrums of the post-World WarI years and the onset of the Great Depression. Keynes imagined that by 2030 the standard of livingwould be dramatically higher; people, liberated from want (and without the desire to consume for thesake of consumption), would work no more than fifteen hours a week, devoting the rest of their timeto leisure and culture. In Revisiting Keynes, leading contemporary economists consider what Keynesgot right in his essay--the rise in the standard of living, for example--and what he got wrong--suchas a shortened work week and consumer satiation. In so doing, they raise challenging questions aboutthe world economy and contemporary lifestyles in the twenty-first century. The contributors--amongthem, four Nobel laureates in economics--point out that although Keynes correctly predicted economicgrowth, he neglected the problems of distribution and inequality. Keynes overestimated the desire ofpeople to stop working and underestimated the pleasures and rewards of work--perhaps basing his ideaof "economic bliss" on the life of the English gentleman or the ideals of his Bloomsburygroup friends. In Revisiting Keynes, Keynes's short essay--usually seen as a minor divertissementcompared to his other more influential works--becomes the catalyst for a lively debate among some oftoday's top economists about economic growth, inequality, wealth, work, leisure, culture, andconsumerism. 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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Stefaan Van Ryssen, Hogeschool Gent, Jan Delvinlaan 115, 9000 Gent, Belgium

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