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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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Whose Grandchildren?

Whose Grandchildren?

Chapter:
(p.86) (p.87) 4 Whose Grandchildren?
Source:
Revisiting Keynes
Author(s):

Robert Solow

Publisher:
The MIT Press
DOI:10.7551/mitpress/9780262162494.003.0005

This chapter aims to address a handful of questions related to Keynes’s predictions about the future, specifically about 2030. Among his “predictions” should be included his firmly held ideas about the social and moral consequences of early and late capitalism, because those were certainly a part of the possibilities offered to distant future generations. Keynes’s general remarks about the long centuries of slow or nonexistent growth and the role of technical progress and capital accumulation sound very modern. With three-quarters of the century already gone by (by the time of writing), however, one cannot help but feel that mankind is still far from solving “the economic problem.” This chapter discusses how and where Keynes went wrong in his predictions.

Keywords:   predictions, Keynes, future, capitalism, growth, technical progress, capital accumulation, the economic problem

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