john maynard keynes challenged in such a situation that we have today is to keep it going, not to bring it to a premature end under the superstition of those that have prospered best be punished. that has to do with too many progressives today. those are most recently in the 1930s. it may be inevitable that the age when this interrater perhaps more than i have already. but they soon are the progressives have their way. thank you. [applause] i think we can have some questions. daddy will give you a microphone, so if you raise your hand i will call on you. jim will and lighting you would wait before for the microphone. >> if it gets to be conventional wisdom that the free market leaves the business as such in the system where there was law prevails and the predictability of the law prevails you and introduce her suspect the pool abu was also my question to you is how can the business survive and thrive in the situation of the activism of the checks and balances system and where you have the private businesses falling in line with the political ideology of the correctness of the time such

house of lords and well-known biographer of john maynard keynes.ans on the income to replace wages from work. point in the -- ction of could you explain why this is something we should support? guest: first of all, why even think of it? it is how you deal with a challenge of disappearing jobs. if you think that robots and automated systems are going to make deeper and deeper inroads in the human work, you have to start thinking not so much of replacement jobs as replacement income. is an income not tied to the job market, seems to be the logical way forward. work is going to be a diminishing part of people's lives in the next 20 or 30 years. the diminishing part of their identity. you have to create some opportunity for them to reshape their pattern of living. that is the basic idea behind it. [indiscernible] wage be?ld living how would you quantify the living income in the developed economy? guest: there are basic measures for what is called the living wage, or living income. about half of median income. standard.e accepted .hat is where you need

house of lords and well-known biographer of john maynard keynes.recently said, as robots continue to take labor humans on , the income to replace wages from work. tax credits point in the direction of inflation income. could you explain why this is something we should support? robert: first of all, why even think of it? i think it is how you deal with a challenge of disappearing jobs. if you think that robots and automated systems are going to make deeper and deeper inroads into human work, you have to start thinking not so much of replacement jobs as replacement incomes. an unconditional basic income. that is an income not tied to the job market, seems to be the logical way forward. i think it marks a recognition that work work is going to be a diminishing part of people's lives in the next 20 or 30 years. and a diminishing part of their identity. therefore you have to create , some opportunity for them to reshape their pattern of living. that is the basic idea behind it. scarlet: work a less important part of my lives? never? robert: never in ame

newshour online, he was one of the twentieth century's most eminent economists, and in 1936 john maynard keyneswrote of the influence of mass psychology and the volatility of markets. it's an essay that our economics team thought was too relevant, even 80 years later, to pass up. you can read it, on our home page, pbs.org/newshour. >> ifill: and that's the newshour for tonight. on wednesday, a conversation with the former mayor of new orleans, marc morial, on disparities in rebuilding 10 years after katrina. i'm gwen ifill. >> woodruff: and i'm judy woodruff. join us online, and again here tomorrow evening. for all of us at the pbs newshour, thank you and good night. >> major funding for the pbs newshour has been provided by: ♪ ♪ moving our economy for 160 years. bnsf, the engine that connects us. >> the ford foundation. working with visionaries on the frontlines of social change worldwide. >> and with the ongoing support of these institutions and individuals. >> this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like

this was propagated by others, like john maynard keynes, the clever young economist who was very criticalof everyone in paris. he portrays them as dreadful, xenical old men who don't know what they're doing. clemenceau knew, whatever he thought of the germans, that france was going to have to work with them at some point at some level. he portrays the british prime minister as a half goat, half man coming out of the welsh mists who weaves spells and wilson, and he portrays wilson as someone blindfolded who's spun round and round and round till he doesn't know whether he's coming or going. and this is not true. i think wilson made mistakes. they all did. he awe sumd that the league could do too much. whenever a question came up, he said, look, as long as we get the league up and running, it will sort it out, and the league will be able to deal with it. i think he had too much optimism, but i think he was bringing something very important. he was bringing to the forefront of public opinion another way of looking at the world and another way to run the world. and i think this was enormously