In the year 1930, the father of modern macroeconomics, John Maynard Keynes (1883-1946), published an essay in which he postulated that the Great Depression was not a serious issue and that it would eventually resolve itself. He based his theory on historical evidence that compound interest and technological advances improve the standard of living. He optimistically concluded that everyone would be so financially secure within 100 years that they would be able to work far less and instead pursue mindful and moral lives. getAbstract recommends this fascinating essay to economists, policy makers and historians.
In this summary, you will learn
- What British economist John Maynard Keynes believed in 1930 were the principal causes of the Great Depression,
- What factors he thought would lead to its resolution, and
- How he expected people’s lives to transform in 100 years.
About the Author
English economist John Maynard Keynes (1883-1946) revolutionized global government economic policy and modern macroeconomics.
Comment on this summary
2 years agoThe one thing he missed from the equation was "Greed" this theory was mooted again in the 1960`s because of the technological revolution robotics etc would enable human kind to relax, be paid well, and work to the common good as and when they desired. Unfortunately "Greed" of the elite has not abated, the norm for this would be to have a World War. This is now not feasible as the elite would be just as prone to a nuclear attack as the next man. So possibly another hundred years and we may get there,