In 1930, the highly influential economist John Maynard Keynes wrote a wildly popular essay entitled Economic Possibilities for our Grandchildren. Leveraging his deep understanding of financial affairs, geopolitical dynamics, the arts, and media, he explained the recent 1929 stock market crash by stating:
“We are suffering, not from the rheumatics of old age, but from the growing pains of over-rapid changes, from the painfulness of readjustment between one economic period and another. The increase of technical efficiency has been taking place faster than we can deal with the problem of labor absorption…For the moment the very rapidity of these changes is hurting us and bringing difficult problems to solve…We are being afflicted with a new disease of which some readers may not yet have heard the name, but of which they will hear a great deal in the years to come — namely, technological unemployment.”
Keynes was a leader who brought clarity and meaning to challenging times. His compelling insight feels relevant today. What is most fascinating though is where he went next with his essay. After naming the challenge of the day so clearly, he didn’t dive deeper into the intricacies of monetary policy or legislative mandates. Instead, he urged people to look to the future and to better living.
He predicted that the standard of living for the average person would be significantly better in 100 years’ time. Today, fewer people live in poverty than ever before. Yet he overestimated the ability of humans to move away from insatiable wants. Keynes believed that once production had expanded to the point that many had their basic needs met, humanity would shift from chasing status or superiority and people would instead focus on how “to live wisely, agreeably, and well.” He predicted people would pursue purpose much more than wealth or accumulation.
How could his insight be guidance for today?
In 1930, a visionary man warned that the challenge of modern life would be the need to figure out how to flourish in a world of material prosperity and technological advances. He warned against being too focused on deriving meaning from work or output and instead encouraged people to find ways to build connection, enjoy a range of engaging activities each day, and leverage modern advances for multidimensional, purposeful living.
Like Keynes, we are living in a time of significant disruption. As leaders, we can take inspiration from the intellectual courage he had to envision a path to better living while in the midst of the Great Depression. It’s fascinating that his hope for us (the grandchildren of those he was writing for in 1930) was that we’d leverage economic progress to lead lives of greater meaning and purpose. It’s also a clear reminder of how much we can learn from history.
Founded in 2004, Lead Star is the company behind New York Times best-sellers SPARK, Leading from the Front, and Bet on You. Lead Star helps professionals reach new levels of success through its innovative leadership development programs.
