Keynes's "Grandchildren" essay famously predicted both a rapid increase in productivity and a sharp shrinkage of the workweek - to fifteen hours - over the century from 1930. Keynes was right (so far) about output per capita, but wrong about the workweek. The key reason is that he failed to...

The article discusses the economic difficulties from which the industrialized nations have been suffering for the past years giving special regard to the controversy as to what concept of economic policy should be adopted in order to overcome the present problems.