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Robert Skidelsky – Keynes, Morality and GDP (CNN)

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CNN Content Robert Skidelsky is Co-author of ‘How much is enough? Money and the Good Life’. [1] “Money was regarded as the means to the good life. Keynes was the last of a generation of economists that thought this way. He said enough for a good life. He thought technology was bringing that about. That ...

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Robert Skidelsky is Co-author of ‘How much is enough? Money and the Good Life’.



[1] “Money was regarded as the means to the good life. Keynes was the last of a generation of economists that thought this way. He said enough for a good life. He thought technology was bringing that about. That it was producing such increases in wealth that we could have abundance with a fraction of the work. That bit hasn’t come about. Our society has become more unequal. He underestimated the force of insatiability.”



[2] “In economic terms there is opportunity cost. When you enjoy leisure you forgo extra income that you could be getting by working. Rationally you balance these things. But that is insane. When you’re poor of course you need to work to get enough. When you’re already rich do this kind of calculation, if I go to the theatre I don’t get another $100. That’s an insane calculation! There is a big increase in insecurity. People may lose their jobs. We believe there was more security in the 1950s and 1960s than there is today”.



[3] “These things don’t get into gross domestic product statistics. The things that give people the feeling that they’re leading a good life, that is ignored. Growth is a highly misleading objective, it just concentrates on a narrow segment of growth. You must ask, what is growth for? Growth for what?”


Robert Skidelsky
Keynesian economist, crossbench peer in the House of Lords, author of Keynes: the Return of the Master and co-author of How Much Is Enough?

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