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' 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.
Economic Possibilities for our Grandchildren: A Twenty-first Century Perspective by Lorenzo Pecchi and Gustavo Piga 1
1 Economic Possibilities for our Grandchildren (1930) by John Maynard Keynes 17
2 Economic Possibilities for our Grandchildren 75 Years After: A Global Perspective by Fabrizio Zilibotti 27
3 Toward a General Theory of Consumerism: Reflections on Keynes's Economic Possibilities for our Grandchildren by Joseph E. Stiglitz 41
4 Whose Grandchildren? by Robert Solow 87
5 Corporatism and Keynes: His Philosophy of Growth by Edmund S. Phelps 95
6 Back to the Future with Keynes by Lee E. Ohanian 105
7 Spreading the Bread Thin on the Butter by Axel Leijonhufvud 117
8 Economic Well-being in a Historical Context by Benjamin M. Friedman 125
9 Why Do We Work More Than Keynes Expected? by Richard B.Freeman 135
10 Context Is More Important Than Keynes Realized by Robert H. Frank 143
11 The End of (Economic) History by Jean-Paul Fitoussi 151
12 All the Interesting Questions, Almost All the Wrong Reasons by Michele Boldrin and David K. Levine 161
13 Why Keynes Underestimated Consumption and Overestimated Leisure for the Long Run by Gary S. Becker and Luis Rayo 179
14 What Is Wrong in Keynes's Prophecy? How the End of Economics Turned into the Rise of the Economics of Social Responsibility by Leonardo Becchetti 185
15 Really Thinking Long Run: Keynes's Other Masterpiece by William J. Baumol 199
Index 207
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