Friday, September 28, 2012
John Maynard Keynes and "Economic Possibilities for our Grandchildren"Keynes biographer Robert Skidelsky urges us to take a new look at one of Keynes' most famous essays, Economic Possibilities for our Grandchildren (1930).
In Return to capitalism 'red in tooth and claw' spells economic madness Guardian 06/21/2012, he uses Keynes' critical observation in that essay to point to how existing economic arrangements radically restrict the possibilities of our current economic capabilities:
Keynes reckoned that we would hear much more about [technological] unemployment in the future. But its emergence, he thought, was a cause for hope, rather than despair. For it showed that the developed world, at least, was on track to solving the "economic problem" – the problem of scarcity that kept mankind tethered to a burdensome life of toil.These are real possibilities in the economy that aren't even on the horizon's of thought for our political and media elites. If the public can change the dominant way of thinking about economic policy away from austerity policies and toward stimulating the economy, more constructive possibilities like this can get back on the radar screen.
Tags: keynes, keynesianism
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No subject for immortal verse
That we who lived by honest dreams
Defend the bad against the worse."
-- Cecil Day-Lewis from Where Are The War Poets?
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