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An Evaluation of Keynes's Projected Possibilities

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  • C.‐Y. Cynthia Lin

Abstract

. At the onset of the Great Depression, John Maynard Keynes made some startlingly optimistic predictions about the economic possibilities his grandchildren might face a century later. Within the next 100 years, Keynes proclaimed, technological progress would solve the economic problem facing human beings, individuals would devote themselves to noneconomic pursuits instead, and no one would continue to strive for relative goods. Was Keynes right? This article examines each of Keynes's three main prophecies and concludes that, even though over 75 years have transpired since they were made, and even though they were founded in part on the belief held by most classical economists in the value of technological progress and economic growth, not one of Keynes's predictions has been realized.

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  • C.‐Y. Cynthia Lin, 2008. "An Evaluation of Keynes's Projected Possibilities," American Journal of Economics and Sociology, Wiley Blackwell, vol. 67(2), pages 315-329, April.
    • Handle: RePEc:bla:ajecsc:v:67:y:2008:i:2:p:315-329
    DOI: 10.1111/j.1536-7150.2008.00572.x
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    1. Moggridge, D E, 1992. "The," Journal of Economic Perspectives, American Economic Association, vol. 6(3), pages 207-209, Summer.
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    Cited by:

    1. Nolan, Sheila & O’Malley, Mark, 2015. "Challenges and barriers to demand response deployment and evaluation," Applied Energy, Elsevier, vol. 152(C), pages 1-10.

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