Accuracy of Keynes's 1930 Prediction on Work Hours
While John Maynard Keynes's 1930 forecast regarding the rate of technological progress for nations like the UK and the US proved to be largely accurate, his prediction about the future of work was not. Although working hours have decreased over time, as supported by data in Figure 3.1, the reduction has been significantly smaller than he anticipated. Consequently, it is improbable that the average workweek will reach his predicted 15 hours by 2030.
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Introduction to Microeconomics Course
The Economy 2.0 Microeconomics @ CORE Econ
Ch.3 Doing the best you can: Scarcity, wellbeing, and working hours - The Economy 2.0 Microeconomics @ CORE Econ
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Learn After
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