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Revisiting Keynes: Economic Possibilities for Our Grandchildren

Overview

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. 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...
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Overview

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. 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.
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Editorial Reviews

From the Publisher
"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
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Product Details

  • ISBN-13: 9780262162494
  • Publisher: MIT Press
  • Publication date: 9/30/2008
  • Pages: 232
  • Product dimensions: 6.10 (w) x 9.10 (h) x 0.70 (d)

Meet the Author

Lorenzo Pecchi is Managing Director at UniCredit Markets and Investment Banking Division and Adjunct Professor at the University of Rome Tor Vergata.

Gustavo Piga is Professor of Economics at the University of Rome Tor Vergata.

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Table of Contents

Economic Possibilities for our Grandchildren: A Twenty-first Century Perspective Lorenzo Pecchi Pecchi, Lorenzo Gustavo Piga Piga, Gustavo 1

1 Economic Possibilities for our Grandchildren (1930) John Maynard Keynes Keynes, John Maynard 17

2 Economic Possibilities for our Grandchildren 75 Years After: A Global Perspective Fabrizio Zilibotti Zilibotti, Fabrizio 27

3 Toward a General Theory of Consumerism: Reflections on Keynes's Economic Possibilities for our Grandchildren Joseph E. Stiglitz Stiglitz, Joseph E. 41

4 Whose Grandchildren? Robert Solow Solow, Robert 87

5 Corporatism and Keynes: His Philosophy of Growth Edmund S. Phelps Phelps, Edmund S. 95

6 Back to the Future with Keynes Lee E. Ohanian Ohanian, Lee E. 105

7 Spreading the Bread Thin on the Butter Axel Leijonhufvud Leijonhufvud, Axel 117

8 Economic Well-being in a Historical Context Benjamin M. Friedman Friedman, Benjamin M. 125

9 Why Do We Work More Than Keynes Expected? Richard B.Freeman Freeman, Richard B. 135

10 Context Is More Important Than Keynes Realized Robert H. Frank Frank, Robert H. 143

11 The End of (Economic) History Jean-Paul Fitoussi Fitoussi, Jean-Paul 151

12 All the Interesting Questions, Almost All the Wrong Reasons Michele Boldrin Boldrin, Michele David K. Levine Levine, David K. 161

13 Why Keynes Underestimated Consumption and Overestimated Leisure for the Long Run Gary S. Becker Becker, Gary S. Luis Rayo Rayo, Luis 179

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 Becchetti, Leonardo 185

15 Really Thinking Long Run: Keynes's Other Masterpiece William J.Baumol Baumol, William J. 199

Index 207

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