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Economic Possibilities for our Grandchildren
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Economic Possibilities for our Grandchildren

John Maynard Keynes
Brain Pickings, 1963
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In the year 1930, the father of modern macroeconomics, John Maynard Keynes (1883-1946), published an essay in which he postulated that the Great Depression was not a serious issue and that it would eventually resolve itself. He based his theory on historical evidence that compound interest and technological advances improve the standard of living. He optimistically concluded that everyone would be so financially secure within 100 years that they would be able to work far less and instead pursue mindful and moral lives. getAbstract recommends this fascinating essay to economists, policy makers and historians.

Summary

Sudden change in the global economy in 1930 has generated an illusory cloud of “economic pessimism.” High interest rates are discouraging borrowing. Machines have taken over many manual labor tasks, resulting in a rise in unemployment. Technology is set to take over farming, mining and manufacturing within a few decades. Many people, fearing the worst, are reacting with unnecessary caution or pushing for revolution. In reality, personal income has declined in Great Britain, at the most, by 7.5%. While the UK could cut wages or stop lending overseas to reduce the national debt, the net financial ...

About the Author

English economist John Maynard Keynes (1883-1946) revolutionized global government economic policy and modern macroeconomics.

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