This has to be the way to fix the most exploitative elements of capitalism. If EVERYONE works 4 hours then isn't it the case that everything would balance itsel

This has to be the way to fix the most exploitative elements of capitalism. If EVERYONE works 4 hours then isn't it the case that everything would balance itself out, with exception of technological advancements. Maybe you don't get a new iphone or car every year, but instead every 4 years? It would allow everyone to live a better life at the expense of the ultra rich who are non-stop innovating with their armies of employees who work around the clock. Taxation is not the answer, it's lowering the cultural standard for work, at the expense of slowing down product output a little, but who needs a new device every year.