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The 15‐hour week : Keynes's prediction revisited
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Crafts, Nicholas (2022) The 15‐hour week : Keynes's prediction revisited. Economica, 89 (356). pp. 815-829. doi:10.1111/ecca.12439 ISSN 0013-0427.
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Official URL: https://doi.org/10.1111/ecca.12439
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 | ||||||||
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Subjects: | H Social Sciences > HB Economic Theory H Social Sciences > HD Industries. Land use. Labor |
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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: |
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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 (Creative Commons) | ||||||||
Date of first compliant deposit: | 10 August 2022 | ||||||||
Date of first compliant Open Access: | 24 August 2022 |
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