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The 15-Hour Week: Keynes's Prediction Revisited

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  • Crafts, Nicholas

    (University of Sussex and CAGE, University of Warwick)

Abstract

In 1930 Keynes opined that by 2030 people would work only 15 hours per week. As such, this prediction will not be realised. However, expected lifetime hours of leisure and non-market work in the UK rose by 60 per cent between 1931 and 2011, considerably more than Keynes would have expected. This reflects increases in life expectancy at older ages and much longer expected periods of retirement. Leisure in retirement contributes to high life satisfaction for the elderly but building up savings to pay for it is a barrier to working only 15 hours per week.

Suggested Citation

  • Crafts, Nicholas, 2021. "The 15-Hour Week: Keynes's Prediction Revisited," CAGE Online Working Paper Series 566, Competitive Advantage in the Global Economy (CAGE).
  • Handle: RePEc:cge:wacage:566
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    File URL: https://warwick.ac.uk/fac/soc/economics/research/centres/cage/manage/publications/wp566.2021.pdf
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    References listed on IDEAS

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    More about this item

    Keywords

    Leisure: Life Expectancy; Retirement; Work JEL Classification: J22; J26; N34;
    All these keywords.

    JEL classification:

    • J22 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Time Allocation and Labor Supply
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies
    • N34 - Economic History - - Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy - - - Europe: 1913-

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