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. 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. Contributors William 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
General
| Imprint: |
MIT Press
|
| Country of origin: |
United States |
| Series: |
Revisiting Keynes |
| Release date: |
August 2010 |
| First published: |
2008 |
| Editors: |
Lorenzo Pecchi
(Managing Director and Adjunct Professor)
• Gustavo Piga
(Professor of Economics)
|
| Dimensions: |
229 x 152 x 12mm (L x W x T) |
| Format: |
Paperback - Trade
|
| Pages: |
215 |
| ISBN-13: |
978-0-262-51511-5 |
| Categories: |
Books >
Business & Economics >
Economics >
Economic theory & philosophy
|
| LSN: |
0-262-51511-3 |
| Barcode: |
9780262515115 |
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