Miles Kimball posted a link to a relatively old Scott Sumner post that was discussing a Paul Krugman post from 2011. Which means I am only about 3 years behind, which is good, because I would have estimated I was about 5 years behind.
Anyway, Scott’s post deals with some facts about France. Namely, while GDP per capita in France is only roughly 70% of the U.S. level, GDP per hour worked is essentially equal to that in the U.S. French workers are just as productive per hour as U.S. workers, but just work fewer hours in aggregate.
There are generally two responses to this. The optimistic one: “The French have made a decision to spend their high productivity by taking more vacations and retiring earlier, leading to lower GDP per capita, but probably higher utility.” The pessimistic one: “The French labor system is so mucked up by taxes and…
View original post 821 more words
Recent Comments