Lousy Economy deserves a French Riviera Vacation

For many years, the capitalist managers and economists in the 'epitome of free markets' that is the United States have bemoaned the "socialist" work hours of the French. The average French work week, at 35 hours, and more vacation meant people could actually enjoy time with family and friends, even though people made less money. Of course, this lowered the "productivity per week" of the French relative to the U.S. folks. The U.S. CEOs and other managers keep complaining that the French don't work long enough and still want benefits. Now Sarkozy has got the French Parliament to "loosen" the 35 hour workweek. While the workweek limit is as good as buried, every hour beyond 35 that is worked will be considered overtime and will therefore be more expensive.

Earlier this week, I was having dinner with four of my students and another faculty member, all of whom are going to India next year. One of the students has been to France many times and loves the country. She raised the issue of the work week. I responded that given the serious downturn in the economy, U.S. workers may be forced to take a four day work week, in order to keep more people employed. Already a number of tech companies including Cisco and HP are closing offices for a number of days around Christmas and New Year, to save money. Today, Bank of America announced a layoff that might number 35,000. With companies continuing to cut labor, it is just a matter of time before alternatives like shorter workweeks and work without benefits become attractive options when faced with the option of no work. Perhaps people will work less, earn less, and be happier..... The one complication is the standard of living, or the ability to afford certain lifestyles. Unless prices come down as fast as the reduction in wages, standard of living has to come down. The latter is more likely, as firms are more likely to sacrifice volume and keep prices high to protect "margins."
The greatest challenge, and the ultimate happiness, lies in the pursuit of the elusive 'truth'.........