Forum Overview :: Rants :: Re: You're missing the point.

[quote name="The Happiness Engine"][quote name="blackwater"] Keynes made the same mistake in his 1930 essay <a href=http://www.econ.yale.edu/smith/econ116a/keynes1.pdf>Economic Possibilities for Our Grandchildren</a>. He pointed out that manufacturing and agriculture were experiencing huge productivity gains (true!) and concluded that by 2030 we'd only need to work 15 hours a week (false!)[/quote] ...except GDP per worker has risen massively while real wages have fallen. It's almost like work isn't correlated with wages! Keynes took as a given that households would maintain the same level of wealth and instead we now get thinkpieces titled "The downwardly-mobile lifestyle portrayed on <i>The Simpsons</i> is now an aspirational fantasy"[/quote]