28 FEB 2021 by ideonexus
Why Automation Didn't Result in Increased Leisure in the ...
Back then, many theorists believed that a progressive reduction of work time was the inevitable byproduct of mechanization and increased efficiency. Even John M. Keynes, noted father of modern mass-consumption economics, argued in 1931 that, within two generations, industry would satisfy the real needs of humanity and lead to “three-hour shifts or a 'fifteen-hour week.” This reduction in work time, said Keynes, would allow us to “devote our further energies to non-economic purposes.” ...Folksonomies: automation leisure
Folksonomies: automation leisure
04 JAN 2012 by ideonexus
Keynes Predicts Unemployment from Automation
We are being afflicted with a new disease of which some readers may not yet have heard the name, but of which they will hear a great deal in the years to come—namely, technological unemployment. This means unemployment due to our discovery of means of economising the use of labour outrunning the pace at which we can find new uses for labour.Folksonomies: employment automation
Folksonomies: employment automation
He predicts technological progress will outrun the pace for which we can find new uses for labor in 1930.