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Economic possibilities for our grandchildren
John Maynard Keynes was one of the most famous economists of the last century. While most of his work covered macroeconomic theory, in his 1930 essay, “Economic Possibilities for our Grandchildren,” Keynes discussed the possibility of economic development and increases in living standards during the following century.
Keynes made two famous predictions: (1) Living standards would increase by 4- to 8-fold over the subsequent century and (2) workers would only labor 15 hours per week. The first turned out to be shockingly accurate, while the second has been ridiculed as wildly off-the-mark. But
