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Instructions: Read John Maynard Keynes' Essay entitled, "Economic Possibilities for Our Grandchildren." Respond to the reading by answering the provided questions in paragraph form and in order. Please number your answers. Please do not repeat the questions on your paper. No outside sources are needed or allowed. Please answer all parts of all questions for full credit.

Questions:

1. Briefly summarize Keynes' discussion in Part I.

2. What two classes (categories) of needs does Keynes say there are? Explain each one. Do you think his ideas about this are correct? Why, or why not?

3. According to Keynes, explain the "economic problem" of man, and how he believes it will be overcome in the future. Once we solve this problem, what does Keynes believe the resulting problem will be (our "permanent problem")?

4. What does Keynes mean by the "Old Adam" in us, and how will it be satisfied?

5. How does Keynes believe the ambitious among us, those who chase money for its own sake, will be regarded in the future? Do we regard people that way today?

6. If you had a career that allowed you to work only 15 hours a week, but still payed a full salary, what specific things, or types of things, would you do with the extra time you had?

Microeconomics, Economics

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