In 1930 John Maynard Keynes suggested that by the mid 20th century we would be working like fifteen hours per week.
Utopian dream full#
As labor historian Hunnicut argues in his book: “Free time: the forgotten American dream”, the American dream today is “full-time work and full employment for all”, whereas before the 1960s, people talked about progress in terms of higher wages and shorter working hours. In this sense, a utopian dream of an ideal society would probably not be a story of people going to work for eight hours a day, but would rather be about people sitting under a tree, lazing. In contrast, economists are assuming a working burden, as consumption and leisure are the arguments in the utility function. And it is about what our societies want if it comes to work.įrom the economic perspective, work does not provide utility to the individual.
The paramount question we are striving to find answers to is no less than the question about how a New Social Model for the 21st century may look like. Let´s keep this reality in mind when discussing if full employment is a utopian dream. These objectives cannot be achieved in the short run, and will require a considerable amount of effort in the mid and long term. Regional economic divergence needs to be reduced to a socially acceptable level. The unemployment rate, especially the youth unemployment rate has to fall significantly. So let me put important things first: The two main challenges in Europe today are: Excluding a whole generation from social participation and income-generation through work, cannot be a Social Model, on no account. If these unemployment figures remain unchanged, this poses a threat to the European society. This is unacceptably high, with levels of up to 50 % in Greece and Spain, and 40 % in Italy. In April 2015, youth unemployment rate was 20,7 %. Youth unemployment in Europe is even twice as high. Unemployment rates are ranging from less than 5 % in Germany to 25 % in Greece and 23 % in Spain.
Talking about unemployment in Europe today means talking about 10 % of the European population being without a job. It is a pleasure for me to be here with you today and talk about employment as a source of wealth and opportunity.
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