Economica - 2022 - Crafts - The 15%E2%80%90Hour Week Keynes s Prediction Revisited.pdf (251.64 kB)
The 15-hour week: Keynes's prediction revisited
journal contributionposted on 2023-06-15, 20:40 authored by Nicholas Crafts
In 1930 Keynes opined that by 2030 people would only work 15 hours per week. As such, the prediction will not be realised. However, expected lifetime hours of leisure and no-market work in the UK rose by 60 per cent between 1931 and 2011, considerably more than Keynes would have expected. This reflects increases in life expectancy at older ages and much longer 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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