3 ms·
> I felt that the professor's explanation for why the prediction failed (people decided to keep working lots and buy more stuff instead of chillin) totally unsa
by yourapostasy 6y ago
> I felt that the professor's explanation for why the prediction failed (people decided to keep working lots and buy more stuff instead of chillin) totally unsatisfactory.
If we accepted Keynes' era's quality and standard of care for healthcare, entertainment options, transportation options, clothing options (almost wear the same clothes every day), appliance options, food options, and real estate constraints (for most young people who do not already have pledge-able assets today, that means rent or cash-over-the-barrel-no-mortgages), I can see a 15 hour work week. There are very few people who willingly accept those limits and eschew modern improvements. Keynes to my knowledge never said 15 hours with improved technological benefits in all areas of life [1], only mostly the technological improvements that brought about economic productivity enhancements.