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Revisiting KeynesEconomic Possibilities for Our Grandchildren$
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Lorenzo Pecchi and Gustavo Piga

Print publication date: 2008

Print ISBN-13: 9780262162494

Published to MIT Press Scholarship Online: August 2013

DOI: 10.7551/mitpress/9780262162494.001.0001

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What Is Wrong in Keynes’s Prophecy? How the End of Economics Turned into the Rise of the Economics of Social Responsibility

What Is Wrong in Keynes’s Prophecy? How the End of Economics Turned into the Rise of the Economics of Social Responsibility

Chapter:
(p.185) 14 What Is Wrong in Keynes’s Prophecy? How the End of Economics Turned into the Rise of the Economics of Social Responsibility
Source:
Revisiting Keynes
Author(s):

Leonardo Becchetti

Publisher:
The MIT Press
DOI:10.7551/mitpress/9780262162494.003.0015

This chapter evaluates Keynes’s economic vision by acknowledging some great intuitions on his part, including the growing and persistent role of technological progress in the future, the defeat of the Malthusian gloom prophecies, and the reopening of the debate on the goal of human life and socioeconomic action due to the growing perceived importance of immaterial needs. To get a glimpse of the bigger picture, however, it is also important to consider the less successful prophecies, including the prediction of the progressive reduction of hours worked and of the end of economics—intended as the end or the much reduced relevance of economic problems. This chapter also highlights the missing elements that generated the wrong predictions and, inevitably, the chapter plays the same game Keynes did by extending a look into the future.

Keywords:   economic vision, technological progress, Malthusian gloom prophecies, goal of human life, immaterial needs, progressive reduction of hours worked, the end of economics, economic problems

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