Tuesday, February 23, 2016

Why Do Americans Work So Much?

The economist John Maynard Keynes predicted a society so prosperous that people would hardly have to work. But that isn’t exactly how things have played out.

How will we all keep busy when we only have to work 15 hours a week? That was the question that worried the economist John Maynard Keynes when he wrote his short essay “Economic Possibilities for Our Grandchildren” in 1930. Over the next century, he predicted, the economy would become so productive that people would barely need to work at all.

For a while, it looked like Keynes was right: In 1930 the average workweek was 47 hours. By 1970 it had fallen to slightly less than 39.

But then something changed. Instead of continuing to decline, the duration of the workweek stayed put; it’s hovered just below 40 hours for nearly five decades.

So what happened? Why are people working just as much today as in 1970?


SOURCE: TheAtlantic.com

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