IDEAS home Printed from https://ideas.repec.org/a/bla/ajecsc/v67y2008i2p315-329.html
   My bibliography  Save this article

An Evaluation of Keynes's Projected Possibilities

Author

Listed:
  • C.‐Y. Cynthia Lin

Abstract

. At the onset of the Great Depression, John Maynard Keynes made some startlingly optimistic predictions about the economic possibilities his grandchildren might face a century later. Within the next 100 years, Keynes proclaimed, technological progress would solve the economic problem facing human beings, individuals would devote themselves to noneconomic pursuits instead, and no one would continue to strive for relative goods. Was Keynes right? This article examines each of Keynes's three main prophecies and concludes that, even though over 75 years have transpired since they were made, and even though they were founded in part on the belief held by most classical economists in the value of technological progress and economic growth, not one of Keynes's predictions has been realized.

Suggested Citation

  • C.‐Y. Cynthia Lin, 2008. "An Evaluation of Keynes's Projected Possibilities," American Journal of Economics and Sociology, Wiley Blackwell, vol. 67(2), pages 315-329, April.
    • Handle: RePEc:bla:ajecsc:v:67:y:2008:i:2:p:315-329
    DOI: 10.1111/j.1536-7150.2008.00572.x
    as

    Download full text from publisher

    File URL: https://doi.org/10.1111/j.1536-7150.2008.00572.x
    Download Restriction: no
    File URL: https://libkey.io/10.1111/j.1536-7150.2008.00572.x?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Moggridge, D E, 1992. "The," Journal of Economic Perspectives, American Economic Association, vol. 6(3), pages 207-209, Summer.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Nolan, Sheila & O’Malley, Mark, 2015. "Challenges and barriers to demand response deployment and evaluation," Applied Energy, Elsevier, vol. 152(C), pages 1-10.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Dow Alexander & Dow Sheila C., 2011. "Animal Spirits Revisited," Capitalism and Society, De Gruyter, vol. 6(2), pages 1-25, December.
    2. Sonya Marie SCOTT, 2020. "Rejoinder on animal spirits in Descartes and Keynes: a response to Kurt Smith," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 13(2), pages 185-201, November.
    3. Michel Dévoluy, 2021. "Nouveau livre en accès libre : L’économie : une science « impossible » – Déconstruire pour avancer (éditions Vérone, 2e trimestre 2019)," Bulletin de l'Observatoire des politiques économiques en Europe, Observatoire des Politiques Économiques en Europe (OPEE), vol. 44(1), pages 56-56, July.
    4. Sebastian Edwards, 2018. "Keynes on the Sequencing of Economic Policy: Recovery and Reform in 1933," NBER Working Papers 24367, National Bureau of Economic Research, Inc.
    5. Mervyn Allister King, 1993. "Debt Deflation: Theory and Evidence," FMG Discussion Papers dp175, Financial Markets Group.
    6. Esteban Caldentey & Matías Vernengo, 2010. "How Stimulative Has Fiscal Policy Been Around the World?," Challenge, Taylor & Francis Journals, vol. 53(3), pages 6-31.
    7. Peter Groenewegen, 1995. "Keynes and Marshall: Methodology, Society, and Politics," History of Political Economy, Duke University Press, vol. 27(5), pages 129-155, Supplemen.
    8. Muchlinski, Elke, 2003. "Épistémologie et probabilité chez Keynes," L'Actualité Economique, Société Canadienne de Science Economique, vol. 79(1), pages 57-70, Mars-Juin.
    9. Gilbert Faccarello, 2017. "Sæculum," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 24(4), pages 625-639, July.
    10. Roger E. Backhouse & Bradley W. Bateman, 2009. "Keynes and Capitalism," History of Political Economy, Duke University Press, vol. 41(4), pages 645-671, Winter.
    11. Jespersen Jesper, 2000. "Some Aspects of J. M. Keynes's Theoretical Contributions to the Economic Debate of the 1920's'," Jahrbuch für Wirtschaftsgeschichte / Economic History Yearbook, De Gruyter, vol. 41(1), pages 219-224, June.
    12. Muchlinski, Elke, 2003. "Against rigid rules: Keynes's economic theory," Discussion Papers 2003/2, Free University Berlin, School of Business & Economics.
    13. Constantinos Repapis, 2014. "J.M. Keynes, F.A. Hayek and the Common Reader," Economic Thought, World Economics Association, vol. 3(2), pages 1-1, September.
    14. Steven Pressman, 2009. "Keynes, Family Allowances and Post Keynesian Anti-Poverty Policy," LIS Working papers 525, LIS Cross-National Data Center in Luxembourg.
    15. Birner Jack, 1992. "On The Power Of Ideas Of The Past," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 3(4), pages 557-572, December.
    16. Joshua S. Gans & George B. Shepherd, 1994. "How Are the Mighty Fallen: Rejected Classic Articles by Leading Economists," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 165-179, Winter.
    17. Anna M. Carabelli & Mario A. Cedrini, 2014. "Keynes's General Theory , Treatise on Money and Tract on Monetary Reform : different theories, same methodological approach?," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 21(6), pages 1060-1084, December.
    18. Pedro Garcia Duarte & Yann Giraud, 2014. "Chasing the B: A Bibliographic Account of Economics’ Relation to its Past, 1991-2011," Working Papers, Department of Economics 2014_06, University of São Paulo (FEA-USP).
    19. Jonas Agell & Per Lundborg, 2003. "Survey Evidence on Wage Rigidity and Unemployment: Sweden in the 1990s," Scandinavian Journal of Economics, Wiley Blackwell, vol. 105(1), pages 15-30, March.
    20. Elke Muchlinski, 1998. "The Philosophy of John Maynard Keynes (A Reconsideration)," Cahiers d'Économie Politique, Programme National Persée, vol. 30(1), pages 227-253.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:ajecsc:v:67:y:2008:i:2:p:315-329. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: http://www.blackwellpublishing.com/journal.asp?ref=0002-9246 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.