The great man wrote a short essay, published in 1930, entitled Economic Possibilities for our Grandchildren, which can be found in the book Essays in Persuasion. In it he speculated on a time 100 years in the future (not so far from today) when the ‘economic problem’ had been solved, and the changes that this might bring about in human behaviour and society. Here is a short extract:
“When the accumulation of wealth is no longer of high social importance, there will be great changes in the code of morals. We shall be able to rid ourselves of many of the pseudo-moral principles which have hag-ridden us for two hundred years, by which we have exalted some of the most distasteful of human qualities into the position of the highest virtues. We shall be able to afford to dare to assess the money motive at its true value. The love of money as a possession – as distinguished from the love of money as a means to the enjoyments and realities of life – will be recognised for what it is, a somewhat disgusting morbidity, one of those semi-criminal, semi-pathological propensities which one hands over with a shudder to the specialists in mental disease. All kinds of social customs and economic practices, affecting the distribution of wealth and of economic rewards and penalties, which we now maintain at all costs, however distasteful and unjust they may be in themselves, because they are tremendously useful in promoting the accumulation of capital, we shall then be free, at last, to discard.”
Predicting the future is a difficult business, the moreso the further ahead we try and look. It seems that Keynes would have been disappointed with the world as it is today, in terms of the solving and transcending of the material or economic problem. In many already rich countries, overwork exists alongside unemployment and inequality. Some countries, few in number, have in recent decades made great strides in development and have joined the elite club of the richest. But poverty is still a major problem globally. It is not clear that the current orthodoxy and its influence on economic policy-making is sufficient to solve this in a sustainable fashion, in which the environment is protected even as humanity advances.