Europe Works Less Than America

Commentary reports:

In 2004, the year he won the Nobel Prize, Edward Prescott, an economist at the Federal Reserve Bank of Minneapolis, published a paper titled “Why Do Americans Work So Much More than Europeans?” The data were stunning. Prescott found that the average output per adult between 1993 and 1996 in the United States was 75 percent greater than in Italy, 49 percent greater than in the United Kingdom, and 35 percent greater than in France and Germany. “Most of the differences in output,” he wrote, were “accounted for by differences in hours worked per person and not by differences in productivity.”

In other words, Americans don’t work any more efficiently than Germans; we just work a lot more. Not only do we work longer hours each week and take fewer vacations; we also work more years of our lives, and a higher proportion of our adults are working. In 2007, for example, American men, on average, retired at age 64.6, while Frenchmen retired at just 58.7 and Austrians at 58.9. That same year, 72 percent of Americans, aged 15 to 64, were in the workforce, compared with 59 percent of Italians and 64 percent of French.

An article well worth your time.