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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w21713 |
来源ID | Working Paper 21713 |
Work and Consumption in an Era of Unbalanced Technological Advance | |
Benjamin M. Friedman | |
发表日期 | 2015-11-16 |
出版年 | 2015 |
语种 | 英语 |
摘要 | Keynes’s “Grandchildren” essay famously predicted both a rapid increase in productivity and a sharp shrinkage of the workweek – to fifteen hours – over the century from 1930. Keynes was right (so far) about output per capita, but wrong about the workweek. The key reason is that he failed to allow for changing distribution. With widening inequality, median income (and therefore the income of most families) has risen, and is now rising, much more slowly than he anticipated. The failure of the workweek to shrink as he predicted follows. Other factors, including habit formation, socially induced consumption preferences, and network effects are part of the story too. Combining the analysis of Keynes, Meade and Galbraith suggests a way forward for economic policy under the prevailing circumstances. |
主题 | Macroeconomics ; Consumption and Investment |
URL | https://www.nber.org/papers/w21713 |
来源智库 | National Bureau of Economic Research (United States) |
引用统计 | |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/579388 |
推荐引用方式 GB/T 7714 | Benjamin M. Friedman. Work and Consumption in an Era of Unbalanced Technological Advance. 2015. |
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