Economics Explained Why do We Still Need to Work?
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Aug 11, 2025 The podcast explores the stark contrast between Keynes' dream of a 15-hour workweek and today's reality of longer hours. It delves into the rise of 'bullshit jobs' and how technology has not reduced work time as expected. The concept of 'ghost working' reveals a culture of busy work that often lacks true productivity. Proposals for a four-day workweek are examined, highlighting international examples and potential challenges. Ultimately, the conversation emphasizes the need for reform to enhance job satisfaction and efficiency.
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Keynes Got Productivity Right
- Keynes predicted we'd work 15 hours a week by 2030 but that hasn't happened.
- Technology raised living standards and reduced required labor, yet hours barely fell since 1980.
Income vs Substitution Effect
- Higher wages can make leisure costlier (substitution) or let you work less (income).
- The substitution effect has dominated, so people often work more.
Consumption Raised Living Standards
- New goods and services raised consumption choices and raised required incomes.
- Many people now need full-time pay to afford what we consider a decent life.
