Arthur,
At 10:12 01/03/2010 -0500, you wrote:
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While Keynes didnt foresee the resource/population crunch, he did see a
time when the problem of scarcity would be alleviated. He saw a time when
people could work fewer hours and there could be more leisure. He saw it
happening many years ahead, perhaps 100, from the time of his writing in
1930. Maybe we are getting there.
Well, he was dead right in the 1930s. My father had plenty of leisure --
nine years of it. And there are still many families in the north of England
who are now entering their third generation of total leisure.
Keith
==========================
When the accumulation of wealth is no longer of high social importance,
there will be great changes in the code of morals. We shall be able to rid
ourselves of many of the pseudo-moral principles which have hag-ridden us
for two hundred years, by which we have exalted some of the most
distasteful of human qualities into the position of the highest virtues.
We shall be able to afford to dare to assess the money-motive at its true
value. The love of money as a possession as distinguished from the love of
money as a means to the enjoyments and realities of life will be
recognised for what it is, a somewhat disgusting morbidity, one of those
semi-criminal, semi-pathological propensities which one hands over with a
shudder to the specialists in mental disease ... But beware! The time for
all this is not yet. For at least another hundred years we must pretend to
ourselves and to everyone that fair is foul and foul is fair; for foul is
useful and fair is not. Avarice and usury and precaution must be our gods
for a little longer still. For only they can lead us out of the tunnel of
economic necessity into daylight.
* "The Future", Essays in Persuasion (1931) Ch. 5, JMK, CW, IX, pp.329
- 331, Economic Possibilities for our Grandchildren (1930); as quoted in
<http://www.geocities.com/monedem/keyn.html>"Keynes and the Ethics of
Capitalism" by Robert Skidelsy
<http://en.wikiquote.org/wiki/John_Maynard_Keynes>http://en.wikiquote.org/wiki/John_Maynard_Keynes
see also
<http://delong.typepad.com/egregious_moderation/2009/01/john-maynard-keynes-1930-economic-possibilities-for-our-grandchildren.html>http://delong.typepad.com/egregious_moderation/2009/01/john-maynard-keynes-1930-economic-possibilities-for-our-grandchildren.html
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Keith Hudson, Saltford, England
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