Revisiting Keynes: Work, Welfare, and the Future of Economic Possibilities

In his 1930 essay ‘Economic Possibilities for Our Grandchildren,’<br/>John Maynard Keynes explored what the future might look like<br/>for human society under continued economic growth and<br/>technological progress. Keynes predicted that within one<br/>hundred years the standard of living in advanced economies<br/>would rise dramatically, freeing humanity from the pressure of<br/>subsistence. Once basic needs are met, people would work far<br/>fewer hours — perhaps 15 hours a week. Things have developed<br/>differently. Keynes assumed that growth would benefit everyone,<br/>but inequality remains high, which is why many people still work<br/>long hours, not by choice but out of economic necessity. How<br/>extensive the differences are depending on the connection<br/>between economic development and political development.<br/>Therefore, welfare state theory is used to clarify why there are<br/>differences between the countries in Western Europe. This is<br/>done first by looking at the relationships between welfare and<br/>growth regimes. Then, what the differences in the activities of the<br/>public sector look like and finally, how this overall affects the<br/>labor market and especially the female workforce. This allows us<br/>to track differences in why and how far individual welfare<br/>regimes have come in terms of reducing weekly working hours