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What is not mentioned in the article is that productivity is much more important than the number of hours worked. By productivity, I mean output per hour worked
by NeutralForest 2y ago
What is not mentioned in the article is that productivity is much more important than the number of hours worked. By productivity, I mean output per hour worked, which is usually an estimation made from the total output of the country (GDP) and the numbers of hours worked by the working population.
- epolanski 2y agoWell, that's a very inadequate productivity metric imho. How can two people with exactly the same output (say two doctors working a shift with similar number of patience) lead one to be 20 times more productive because one bills $400 per hour and the other makes that number in a week (such as in say Turkey). That's a 40x difference in productivity.
- NeutralForest 2y agoYou would usually use Purchasing Power Parity (PPP) such that comparison between countries is possible, because as you pointed, comparisons in absolute values between countries are not useful.