Back in 1930, the economist John Maynard Keynes wrote a short essay, “ Economic Possibilities for our Grandchildren ,” in which he predicted that in a hundred years the 15-hour work week will be commonplace. Keynes made this assertion based on two factors: first, the increase in capital due to extraordinary yields from the compound interest that was made possible by increased foreign (global) investment; second, the growth of technological achievement made necessary by the competitive forces of capitalism and made possible by the availability of excess capital.
Keynes pointed out that these events are recent in terms of the […]
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