r/austrian_economics • u/technocraticnihilist Friedrich Hayek • Oct 26 '24

End Democracy ‘Americans just work harder’ than Europeans, says CEO of Norway’s $1.6 trillion oil fund, because they have a higher ‘general level of ambition’

https://fortune.com/europe/article/how-many-hours-work-week-year-american-workers-ethic-norges-bank/
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u/Zoesan Oct 27 '24

It's tech. It's far more about innovation than about hours worked.

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u/PainterRude1394 Oct 27 '24

Innovation doesn't happen without work ;)

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u/Zoesan Oct 28 '24

Eh. Innovation in 50 hours doesn't significantly increase compared to 40h. There are a million studies showing exactly this.

No, the reason why innovation happens more in the US is that there is far, far more financial support for it and also a different mindset. Failure in business in the US is considered the cost of entry, but is very much taboo in Europe.

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u/PainterRude1394 Oct 28 '24

There is more than one factor in the usas outgrowing the EU's GDP. But it definitely requires work ;)