Abstract
We update the ruminations of John Maynard Keynes. The ravages of climate change are already with us. Environmentally-friendly technology is at a nascent stage and the scaling-up properties are not proven. Secondly, the costs are gargantuan and beyond the pale of private consortia. Finally, there is the mood of pessimism into which business has sunk. In sum, there is no question that governments will have to step in with massive investment plans. Green New Deals are being constructed in America and Europe.
While Keynes could not have envisaged this first part of our discussion, the second component he did foresee. In modern language, it is Artificial Intelligence and Robots replacing human labour. We develop a model without work and income from work as the second element of our framework.
The two parts, government investment alone, and people without work are connected by a long-lived government instrument that is held by people and that provides them returns.
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Correa, R. (2022). “Economic Possibilities for Our Grandchildren” Revisited. In: Karagiannis, N., King, J.E. (eds) Visions and Strategies for a Sustainable Economy. Global Institute for Sustainable Prosperity. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-031-06493-7_6
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