G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w21713
来源IDWorking 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
URLhttps://www.nber.org/papers/w21713
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/579388
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GB/T 7714
Benjamin M. Friedman. Work and Consumption in an Era of Unbalanced Technological Advance. 2015.
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