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Revisiting Keynes : Economic Possibilities for Our Grandchildren - Lorenzo Pecchi

Revisiting Keynes

Economic Possibilities for Our Grandchildren

By: Lorenzo Pecchi (Editor), Gustavo Piga (Editor)


Published: 10th September 2010
For Ages: 18+ years old
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RRP $36.99

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.

The differences in the contributors' research backgrounds and disposition toward Keynesian ideas add richness to the analysis as they bring their own perspectives to bear on Keynes' work and most readers will likely agree that the book could not be more timely.

-Linda K. Carter, EH.Net

Contributorsp. ix
Acknowledgmentsp. xi
Economic Possibilities for our Grandchildrenp. 1
A Twenty-first Century Perspective
Economic Possibilities for our Grandchildren (1930)p. 17
Economic Possibilities for our Grandchildren 75 Years After: A Global Perspectivep. 27
Toward a General Theory of Consumerismp. 41
Reflections on Keynes's Economic Possibilities for our Grandchildren
Whose Grandchildren?p. 87
Corporatism and Keynes: His Philosophy of Growthp. 95
Back to the Future with Keynesp. 105
Spreading the Bread Thin on the Butterp. 117
Economic Well-being in a Historical Contextp. 125
Why Do We Work More Than Keynes Expected?p. 135
Context Is More Important Than Keynes Realizedp. 143
The End of (Economic) History: Jean-Paul Fitoussip. 151
All the Interesting Questions, Almost All the Wrong Reasonsp. 161
Why Keynes Underestimated Consumption and Overestimated Leisure for the Long Runp. 179
What Is Wrong in Keynes's Prophecy?p. 185
How the End of Economics Turned into the Rise of the Economics of Social Responsibility
Really Thinking Long Runp. 199
Keynes's Other Masterpiece
Indexp. 207
Table of Contents provided by Publisher. All Rights Reserved.

ISBN: 9780262515115
ISBN-10: 0262515113
Series: MIT Press
Audience: Professional
For Ages: 18+ years old
Format: Paperback
Language: English
Number Of Pages: 232
Published: 10th September 2010
Publisher: MIT Press Ltd
Country of Publication: US
Dimensions (cm): 22.9 x 15.2  x 1.0
Weight (kg): 0.3