Monday, November 8, 2010

Keynes, Krugman, Technological Unemployment, and Overproductionism

Today Tyler Cowen brings up Keynes's famous essay "Economic Possibilities for Our Grandchildren", where he presents an overproductionist story that clashes a little with his usual underconsumptionist approach. It talked a little about this essay here.

When I was thinking about Don Boudreaux's post that brushed up against overproductionism the other day, I looked through some old Krugman posts and found this on technological unemployment and the Great Depression. While I'm sharing Cowen's post, that seems reasonable to share.

One of the encyclopedia entries I'm writing for the Encyclopedia of Populism is going to be on just this topic - technological unemployment. It's an interesting idea. The grand predictions were all proven wrong, but the predictions themselves are fascinating.

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