“Writing at a time of deep economic depression, Keynes argued that technological progress offered the path to a bright future. In the long run, he said, humanity could solve the economic problem of scarcity and do away with the need to work in order to live. That in turn implied that we would be free to discard ‘all kinds of social customs and economic practices, affecting the distribution of wealth and of economic rewards and penalties, which we now maintain at all costs, however distasteful and unjust they may be in themselves, because they are tremendously useful in promoting the accumulation of capital’.

Keynes was drawing on a long tradition but offering a new twist. The idea of a utopian golden age in which abundance replaces scarcity and the world is no longer ruled by money has always been with us. What was new in Keynes was the idea that technological progress might make utopia a reality rather than merely a vision.

—John Quiggin, “The golden age