Keynes's Predictions


  1. Keynes’s predictions about our time spent working:
  • The predictions have not come to pass.
  • People work for more than 10 to 15 hours per week (most of them work between 40 and 48 hours per week: 8 to 9 hours a day).

2        (a) Keynes’ categories of needs:

  • Absolute needs – are felt by all human beings regardless of individuals’ status.
  • Insatiable needs – those needs whose satisfaction makes an individual feel superior to other human beings.

(b) Keynes ideas about categories of needs are correct because human needs are divided into basic and non-basic needs. Satisfaction of basic needs makes no difference among the humans but satisfaction of non-basic needs creates different classes among individuals.

    3      (a) People who do not have work to do spend their time:

  • trying to do what they can do best, or
  • having leisure.

(b) The above means of spending time by those who do not have work to do are justifiable because they result in the redistribution of wealth in an economy.

4.         Specific things to do during the rest of the time if in a career, which allows one to work for only 15 hours a week but still pays a full salary:

  • Use half of the time to undertake leisure activities;
  • Utilize the other half to develop one’s own talent and pursuing what is important.

5.         It is not possible to live the way Keynes predicts in our current society.

Reason: The current economic condition requires an individual to engage in different economic activities in order to earn a reasonable amount of income (enough to sustain an individual’s needs). Therefore, if one has a career that allows working for only 15 to 20 hours a week in the current society, an individual would have to look for a second and/or a third job (self or non-self employment) in order to earn adequate income.

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