TITLE Revisiting Keynes: Economic Possibilities for our Grandchildren / Ed. by Lorenzo Pecchi and Gustavo Piga.
The MIT Press
ISBN 9780262515115


Location Address Count Shelf Status
Monetārās politikas pārvalde 07 1 On a shelf Available to order


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


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's 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.

Contributors: William J. Baumol, Leonardo Becchetti, Gary S. Becker, Michele Boldrin, Jean-Paul Fitoussi, Robert H. Frank, Richard B. Freeman, Benjamin M. Friedman, Axel Leijonhufvud, David K. Levine, Lee E. Ohanian, Edmund S. Phelps, Luis Rayo, Robert Solow, Joseph E. Stiglitz, Fabrizio Zilibotti.

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