KEYNES DISAGREED. He thought that in the long run, demand would not be perfectly inelastic. That is, ever lower (quality-adjusted) prices would not necessarily mean we would consume ever more goods and services. Instead, we would become satiated and choose to consume less. He predicted that this would lead to a dramatic reduction in working hours to as few as fifteen per week as less and less labor was needed to produce all the goods and services that people demanded.23
