In this essay Keynes argued that automation eventually will make most jobs redundant. In fact he predicts that about the year the average Briton would only not to work 4 hours per week. And he was right If you are prepared to live by the same standards that were average in the s, then you actually can cut your costs and your work hours a great deal. The problem is that we moderns have developed lifestyles that are absurdly lavish by the standards o In this essay Keynes argued that automation eventually will make most jobs redundant.
The problem is that we moderns have developed lifestyles that are absurdly lavish by the standards of the s. Annual trips abroad, occasionally half way round the planet a third car, old age supported by intense medical care, keeping people alive who do not have immune systems via taxes , everybody getting a university education even if they end up as make up artists , routine visits to restaurants, four fashion seasons a year, plastic surgery, a new portable super-computer every second year Then we have the issue that what could have been free time is eaten up by stuff that is neither work nor leisure, like unemployment and education WHY do you need a university degree to work at kindergarten?
If you are able to ignore the group pressure you can ignore fashion, the allure of Thailand, becoming a bike-geek and everything else.
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Then and only then you can fulfill Keynes's prophecy. Post script I wonder, will the people a hundred years from now average 50 dollars a month, but feel they MUST work 45 hours a week, so they can afford the stuff everyone else has, like getting an artificial penis if your female and a vulva if your male so you can experience both kinds of sex , monthly trips to the other side of the world, and just once in your life afford going to Mars.
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About John Maynard Keynes. John Maynard Keynes. Keynes married Russian ballerina Lydia Lopokova in NB: Not to be confused with his father who also was an economist. See John Neville Keynes. Books by John Maynard Keynes.
Trivia About Economic Possibil These writers explained why economic growth lead to increasing inequality and showed that growth could not prevent poverty. Surely, the reply from Henry Law is coming solely from the view of economists.
In this essay, Keynes was not. He put another aspect into it. He was investing in human nature appreciating its folly.
His comment at the end about economists and dentists summed it up. He was asking the economists to see outside of their box, to see where he was coming from. It was just that his theory of how and when humans would see their folly was wrong. Keynes was first and foremost and economist and an influential one.
Pity he overlooked a fundamental principle of economics.
Ecological Debt—The Economic Possibilities for Our Grandchildren - Oxford Scholarship
Had he not done so he would probably have been ignored, or ridiculed but all the same he had no excuse. There is, after all, such a thing as integrity. Integrity you say. His essay clearly suggests to me that he was saying that no-one is first and foremost an economist and he wished they would realise that. A dentist looks into humans and tackles the root of the problem, which Keynes dared to touch on, that is integrity. And he knew it would touch a nerve in some. But there are no perfect economists and nobody has the whole picture.
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I think we can value his contributions without recommending his philosophy wholesale. The cynic in me is inclined to the view that if Keynes had spoken for a land tax he would have been asked to resign from his Cambridge professorship.
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