Back to the future with Keynes
This article analyzes Keynes's "Economic Possibilities for our Grandchildren"- an essay presenting Keynes's views about economic growth into the 21st century - from the perspective of modern growth theory. I find that the implicit theoretical framework used by Keynes to form his expectations about the 21st-century world economy is remarkably close to modern growth models, featuring a stable steady-state growth path driven by technological progress. On the other hand, Keynes's forecast of employment in the 21st century is far off the mark, reflecting a mistaken view that the income elasticity of leisure is much higher than that of consumption.
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Volume (Year): (2008)
Issue (Month): Jul ()
Pages: 10-16
| Handle: | RePEc:fip:fedmqr:y:2008:i:jul:p:10-16:n:v.32no.1 |
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References listed on IDEAS
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- repec:cup:cbooks:9780521017039 is not listed on IDEAS
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