Beyond Full Employment: Keynes and Kalecki on our Economic Future

Abstract

ABSTRACT This paper addresses the idea of creating an economy beyond full employment — namely one that offers some work for people to do but also more abundant leisure time. It argues that this idea has endured in critical political economy. J.M. Keynes gave it support directly. Its realisation though raises concerns over the balance of power relations in society and the scope to use the productivity gains from technological progress to lighten work. Here useful lessons on the limits to reducing work in the economy can be gleaned from Michal Kalecki’s work. The paper uses the writings of Keynes and Kalecki to consider the possibilities for and barriers to creating a different (leisure-filled) economic future. Some wider implications are drawn for modern debates concerning the scope for achieving a four-day working week. Overall, the paper establishes the value of integrating ideas from both Keynes and Kalecki and of emulating their common endeavour to promote the vision of a radically different economic future.