Christian E. W. Kremser

John Stuart Mill and John Maynard Keynes on the End of Economic History

The Difference between a Social and a Technological Utopia

26 Seiten · 6,16 EUR
(12. Februar 2020)

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From the introductory overview of the editors

In his contribution, Christian Kremser deals with a lecture by Keynes in 1928, shortly before the outbreak of the Great Depression, when the international monetary and financial system seemed to allow for stable economic development. In it, Keynes ventures a look at the possibilities that will be open to “our” grandchildren, provided that the world does not experience major wars and too great an increase in population (both conditions are violated). Then the general standard of living could increase four to eight times. This would solve the economic problem and people would (finally!) be able to devote themselves to the valuable aspects of a “good life” thanks to significantly shorter working hours.

Kremser emphasises that Keynes is thus taking up a tradition of classical economists who expected a “stationary state” at the end of economic growth. John Stuart Mill, in particular, assessed this status as positive and desirable, as did Keynes. Kremser, in a careful analysis of the similarities and differences between the two “visions”, works out that Mill does not expect the end of scarcity to come from technological development alone; rather, the stationary state must be brought about by active action, including in particular an education policy that limits population growth. It is therefore a social utopia. Keynes, on the other hand, trusts technological progress, and Kremser therefore speaks of a technological utopia.