Which is it? “work less, work all” or “work more, if you are to work at all”
According to the Luxembourg Income Study, the typical American worker puts in 1,820 hours over the course of a year. Meanwhile, according to the OECD, his German and French counterparts clock up a mere 1,480 and 1,467 hours respectively. They put in five or six fewer weeks per year, and three fewer hours per working week.Edward Prescott, a winner of the Nobel prize for economics, blames these transatlantic differences on tax. Europeans would like to work more, but are deterred by the high percentage of their extra earnings the state would confiscate. Olivier Blanchard, an economist at the Massachusetts Institute of Technology, puts it down to transatlantic differences in taste. Europeans, he says, put a higher implicit price on their leisure. “There is plenty of anecdotal evidence that Europeans enjoy their leisure more than their American counterparts,” he writes.
Read more in the Economist (May 19): Relax, It’s the Law