Why did Keynes’ promised utopia – still being eagerly awaited in the ‘60s – never materialise? The standard line today is that he didn’t figure in the massive increase in consumerism. Given the choice between less hours and more toys and pleasures, we’ve collectively chosen the latter. This presents a nice morality tale, but even a moment’s reflection shows it can’t really be true. Yes, we have witnessed the creation of an endless variety of new jobs and industries since the ‘20s, but very few have anything to do with the production and distribution of sushi, iPhones, or fancy sneakers.