Reviving an Old Economic Theory That Could Affect Your Job

Since the industrial age began, economists have believed that advancements in technology would ultimately lead to a reduction in the number of hours people needed to work. This idea was first proposed by economist John Maynard Keynes in 1930 when he predicted a future where people would work fewer hours to maintain a high standard of living.

Keynes envisioned a world where tasks and duties would be shared more equally, allowing for shorter work shifts and workweeks. Nearly 100 years later, this idea is gaining traction in the U.S. through the concept of a four-day workweek.

The increasing role of artificial intelligence and automation in the workforce has fueled interest in a shorter workweek, whether through legislation or voluntary adoption by employers. Some U.S. companies have already implemented a four-day workweek after observing its success in Great Britain.

Businesses have reported various benefits from the reduced schedule, including improved recruitment, increased productivity, and a boost in spending on leisure activities. Advocates for the four-day workweek also argue that the economy would benefit from the increased consumer spending that an additional day off would generate.

Overall, the idea of a reduced workweek is not new, but it is gaining popularity as technology continues to advance and people seek a better work-life balance.