University of London Economics Possibilities Essay
Do you want a 5 day weekend?
Economist John Maynard Keynes wrote an essay in 1930. The title is Economic Possibilities for our Grandchildren. In this essay, he wrote that our increases in technology would lead us to a different lifestyle. This lifestyle would allow us to only work for 15 hours each week, by the year 2030. We could relax the other days and essentially have a 5 day weekend.
Read the essay, linked below.
1. Revisiting Keynes: Economic Possibilities for our Grandchildren
2. Next, choose a different chapter from within Revisiting Keynes: Economic Possibilities for Our Grandchildren that interests you. Consider what current economists say about Keynes’ vision. Cite the segments that catch your attention and back up your argument to the questions below.
Questions:
What did Keynes assume about the relationship between income and demand? How is that not a correct assumption?
Do you think it will ever be possible for employees to work for only 15 hours a week? Why or why not?
What is the income level that would cause you to start working less?
