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You're right about Keynes' general approach to handling a recession or depression, but OP is referring to Keynes' theory that people would be working only 15 ho
by teachrdan 7y ago
You're right about Keynes' general approach to handling a recession or depression, but OP is referring to Keynes' theory that people would be working only 15 hours a week by now: https://www.npr.org/2015/08/13/432122637/keynes-predicted-we-would-be-working-15-hour-weeks-why-was-he-so-wrong https://www.npr.org/2015/08/13/432122637/keynes-predicted-we...
- gowld 7y agoKeybes's mistake is ignoring that people have personal interest in acquiring more wealth, and businesses prefer the efficiency of fewer longer-hour workers in the absence of regulatory distortions like "health benefits required only if working 30+ hrs per week)
- AnimalMuppet 7y agoAh. Then Keynes did say that, and I was in error. But my criticism of the idea still stands, even if Keynes said it. The question becomes, do we really want to have all this stuff? Then we have to work hard enough to produce all this stuff. Or, do we want to not work so hard? Then we're going to have less stuff to enjoy with our free time.