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Unemployment and Social Needs

In: Economic Theory and Social Justice

Author

Listed:
  • Giorgio Lunghini
  • Claudio Gnesutta

Abstract

At the Madrid conference of 1930 (Keynes, 1930), J.M. Keynes maintained that both of the two opposed errors of pessimism would be proved wrong in our own time: the pessimism of the revolutionaries who think that things are so bad that nothing can save us but violent change, and the pessimism of the reactionaires who consider the balance of our economic and social life so precarious that we must risk no experiments. Keynes maintained that the disease of technological unemployment (unemployment due to the discovery of means of economizing on the use of labour outrunning the pace at which we can find new uses for labour) would be only a temporary phase of maladjustment, and that mankind would have solved its economic problem in a hundred years’ time. In the light of that prediction, man ought to find himself faced with his real, his permanent problem, in just over thirty years from now: how to use his freedom from pressing economic cares, how to occupy his leisure time, which science and compound interest will have won for him, to live wisely and agreeably and well.

Suggested Citation

  • Giorgio Lunghini & Claudio Gnesutta, 1999. "Unemployment and Social Needs," Palgrave Macmillan Books, in: Giancarlo Gandolfo & Ferruccio Marzano (ed.), Economic Theory and Social Justice, chapter 4, pages 121-145, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-26981-5_7
    DOI: 10.1007/978-1-349-26981-5_7
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