Humankind lives in a time of immense prosperity, such that “no one need be poor.” Decades of free market liberalism, however, have ensured the continuance of a society ruled by the accumulation of capital and the continuance of inequality – both in income and leisure time. Economics professor John Quiggin argues in favor of a return to Keynesian economic theory, specifically, the pursuit of a society – facilitated by technological innovations – that prioritizes “social need” above “market signals of price and profit.” getAbstract recommends this article to economists and anyone interested in the changing workforce of the 21st century.
In this summary, you will learn
- What economist John Maynard Keynes (1883-194) argued about leisure,
- How society has changed since Keynes’s time and
- How social priorities must change for Keynes’s vision to become reality.
About the Author
John Quiggin is an economist, a professor and an Australian Research Council Laureate Fellow at the University of Queensland and is a member of the Board of the Climate Change Authority of the Australian government.