Unformatted text preview: Steve Jobs, assuredly one of the hardest working individuals on the planet. He has a net worth of about $5.7 billion. If Mr. Jobs safely invested his fortune he could rely on an income of $5.5 million. Oh, by the way, that’s more than five million a week not a year. Why don’t people just work a few hours a week, as Keynes predicted, and then go home? What did Keynes get wrong? • Assumed most people would want the same amount of output • Consumers have increased demand • Always something new • Global economy • Variance in wage • More competition • Increase in education/gender changes • Population increase growth (e.g. Baby Boomer) • Standard of living increase Paper • Confusion on how to account for items at home o Should account for cost: per usage basis...
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- Spring '09
- Great Depression, course web site