The International Labor Organization has issued a report about key indicators of the labor market around the world. I was interested in seeing the productivity numbers as well as hours worked. Here is the data for the top 10 countries with the highest output per hour worked.
|Country||Output per person||Hours worked||Output per hour|
Now, I have taken only one undergrad economics course, so I don’t have any profound comments on this like Brad or Max, but I must say I am more interested in the productivity per hour measure. I am a lazy man and rate leisure and life outside of work highly. Therefore, a high productivity per hour and a low number of hours spent working are important to me. This does show to me that Americans in general work a lot more than Europeans. However, it seems that Koreans take the cake. They work 2,447 hours a year, and that’s down from about 2,740 hours a few years ago.
I also have a question for anyone who knows economics more than I do. Everyone I know in the I.T. and other hitech fields works 50-60 hours a week but doesn’t get any overtime. Do they count as 40-hour work-week for calculation of productivity numbers?