What becomes of us when technological progress makes us richer and work increasingly unnecessary?
This question is highly relevant at a time when artificial intelligence tops the agenda in business, politics, and public debate. But as early as 1930, the economist John Maynard Keynes attempted to provide an answer. We are now approaching the horizon he himself described—about a hundred years into the future—and can ask: How accurate was he?
Keynes (1883–1946) was one of the most influential economists of the 20th century. He argued for the active use of fiscal policy to stabilize the economy, particularly after the Great Depression of the 1930s and in the postwar period. His ideas laid the foundation for much of the economic policy that shaped postwar Europe and contributed to the development of today’s welfare states. In his essay Economic Possibilities for our Grandchildren, he introduced the concept of “technological unemployment”—that technology reduces the need for labor. He predicted that we would become far wealthier, and that less work would free up time for relationships, art, and “the art of life.”
Was wrong about human behavior
In many ways, Keynes was right, and prosperity in today’s Western societies is far higher than he estimated. But he was wrong about how we would use that prosperity. Keynes believed that relative needs such as status and comparison would diminish. The opposite has happened. He wrote at a time when the planet’s limits were not part of the economic calculation. As a result, a crucial perspective is missing: that the growth which has made us richer also places increasing pressure on the climate and ecosystems.
Research also shows that quality of life is only marginally linked to increased consumption once basic needs are met. Instead, other factors matter most for human well-being: close relationships, good health, a sense of belonging, and the experience of meaning. Economic security is a prerequisite, but beyond a certain level, more income and consumption provide limited increases in quality of life. This points to a gap between what drives economic activity and what actually contributes to a good life.
With artificial intelligence, we are facing a new transformation. The technology can free up time. The question is what we choose to use it for. Keynes was not wrong about economic development, but about human behavior. He underestimated how strongly the need for status and comparison still shapes us. AI may give us more free time—but what will we fill it with? That is not determined by technology, but by the values we choose to guide our lives.
The text was first published in Klassekampen:
https://klassekampen.no/utgave/2026-04-13/debatt-keynes-spadommer-moter-ki
