In 1930, John Maynard Keynes—one of the most famous economists of all time—predicted that his grandkids would work just 15 hours a week. Why aren’t we doing that?
His estimate may have been wrong, but the trend seems roughly correct:
Considering that the prediction was made in 1930, and the labor force participation rate has gone way up since then, the average hours worked per working-age person, rather than per worker, seems to have been flat at best or perhaps slightly increasing.
His estimate may have been wrong, but the trend seems roughly correct:
Considering that the prediction was made in 1930, and the labor force participation rate has gone way up since then, the average hours worked per working-age person, rather than per worker, seems to have been flat at best or perhaps slightly increasing.