An interesting paper from Fabrizio Zilibotti looking at whether Keynes was right - would people become less oppressed by the satisfaction of material goods?
Well he has been wrong so far but perhaps, just perhaps, we have reached the peak of consumption in the west. China and India are a differnt ball game entirely so globally there is a long way to go.
”Economic Possibilities for Our Grandchildren” 75 Years after: A Global Perspective
By: Fabrizio Zilibotti
In the heart of the Great Crisis, amidst great uncertainty and concerns surrounding the future of capitalism, John Maynard Keynes launched his optimistic prophecy that growth and technological change would allow mankind to solve its economic problem within a century. He envisioned a world where people would work much less and be less oppressed by the satisfaction of material needs. To what extent have his predictions turned out to be accurate? This essays attempts to provide some answers.
Keywords: Capitalism, Consumption, Environmental Sustainability, Growth, Keynes, Leisure.
JEL: B31 E12 E66 I31 J22