Why Isn’t Everybody Rich Yet?

Source: The New Republic
by Timothy Noah

“In 1930, John Maynard Keynes predicted that a hundred years hence — which is to say, right about now– ‘the economic problem may be solved, or be at least within sight of solution.’ People would work perhaps three hours a day. ‘For the first time since his creation,’ Keynes wrote, ‘man will be faced with his real, his permanent problem — how to use his freedom from pressing economic cares, how to occupy the leisure, which science and compound interest will have won for him, to live wisely and agreeably and well.’ If only! It’s 2022, and most of us are still on the clock. Oddly, though, much of Keynes’s reasoning was correct. He estimated that, over the next century, annual economic growth would average, globally, 2 percent. That must have seemed insanely optimistic at the start of the Great Depression. But it was too low.” (09/12/22)