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> You can certainly see some countries (e.g. Scandinavia, or Australia, or even Canada) finding a different balance point than other countries (e.g. the US). T
by insert_coin 5y ago
> You can certainly see some countries (e.g. Scandinavia, or Australia, or even Canada) finding a different balance point than other countries (e.g. the US).
Three very resources rich regions. They are exploiting their natural resources to compensate for their (relative) low productivity.
> When 8 hour work days were introduced was there some sort of sharp drop in productivity or innovation or standard of living? Or when the work week was shortened to 5 days from 6 days? I don't think so.
Yes there was a drop, if you consider everything relevant. When the 8 hour work day was introduced new workers were still being added to the workforce. Almost half the population in productive age joined the work force in the later part of the 20th century alone and women were for the most part not working when the 5 day work week became a thing for example. Individually the work hours came down, but as a whole we work much much more today.
But we don't have that luxury now, we don't have an untapped work force to lean against. And of course, the elephant in the room: our declining and aging population. Fewer and fewer working adults will have to provide for an increasingly large number of retirees.
The situation particularly in the west is dire. Pension funds are at very high risk of collapsing almost everywhere and the solution will not be to work less. Maybe, because politicians are politicians, the 4 day work week will be a thing, but retirement will creep into the 70s, it's already being proposed in some countries.
Increases in leisure time will be only on paper, done only in exchange for votes.
- bildung 5y ago> Three very resources rich regions. They are exploiting their natural resources to compensate for their (relative) low productivity. This can't be the reason, simply because the relative share of GDP is so small. For Denmark, Sweden and Finland natural resources amount to less than 0.5% of GDP. For Norway it's 7%. For Australia it's 5.4%, and for Canada 1.9%. For comparison: In Congo, Lybia and Kuweit natural resources explain nearly 50% of GDP. https://data.worldbank.org/indicator/NY.GDP.TOTL.RT.ZS?most_recent_value_desc=true https://data.worldbank.org/indicator/NY.GDP.TOTL.RT.ZS?most_...
- eCa 5y agoAnd for USA it is 0.6%, so very much on-par with Denmark, Finland & Sweden.
- lmm 5y agoThe pension crisis is because people aren't having enough children, because they're working too much. Working less is a solution to that, strangely enough.
- throwaway3699 5y agoIt's not that simple. Young people aren't meeting each other as much anymore, and overwork is just a symptom of that I feel (people with families don't tend to put them second unless the money is needed). We need some kind of cultural shift to fix things.
- newswasboring 5y ago> people with families don't tend to put them second unless the money is needed You are basing this on some research? Or just general experience?
- rightbyte 5y ago> Pension funds are at very high risk of collapsing almost everywhere How is that the case? The retirees income is by neccesity balanced by the working population's output.