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The 15‐Hour Week: Keynes's Prediction Revisited

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  • Nicholas Crafts

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.

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  • Nicholas Crafts, 2022. "The 15‐Hour Week: Keynes's Prediction Revisited," Economica, London School of Economics and Political Science, vol. 89(356), pages 815-829, October.
    • Handle: RePEc:bla:econom:v:89:y:2022:i:356:p:815-829
    DOI: 10.1111/ecca.12439
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    More about this item

    JEL classification:

    • J22 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Time Allocation and Labor Supply
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies
    • N34 - Economic History - - Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy - - - Europe: 1913-

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