Crafts, Nicholas (2022) The 15‐hour week : Keynes's prediction revisited. Economica, 89 (356). pp. 815-829. doi:10.1111/ecca.12439

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Abstract

In 1930, Keynes opined that by 2030, people would work only 15 hours per week. As such, this prediction will not be realized. However, expected lifetime hours of leisure and home production in the UK rose by 58% between 1931 and 2011, rather more than Keynes would have expected. This reflects increases in life expectancy at older ages and much longer expected periods of retirement. Leisure in retirement contributes to high life satisfaction for the elderly, but building up savings to pay for it is a barrier to working only 15 hours per week.

Item Type:	Journal Article
Subjects:	H Social Sciences > HB Economic Theory H Social Sciences > HD Industries. Land use. Labor
Divisions:	Faculty of Social Sciences > Economics
Library of Congress Subject Headings (LCSH):	Workweek, Keynes, John Maynard, 1883-1946, Retirement, Keynesian economics, Economic forecasting
Journal or Publication Title:	Economica
Publisher:	Blackwell Publishing
ISSN:	0013-0427
Official Date:	October 2022
Dates:	Date Event October 2022 Published 30 July 2022 Available 13 July 2022 Accepted
Volume:	89
Number:	356
Page Range:	pp. 815-829
DOI:	10.1111/ecca.12439
Status:	Peer Reviewed
Publication Status:	Published
Access rights to Published version:	Open Access

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