First, I didn’t believe that those countries that were entitlement-focused, such as the Greeks, would ever be as fiscally responsible as, say, the Germans, so the Germans (and other countries where there was a responsible work ethic) would end up subsidizing the Greeks (and to a lesser extent, Spain, Portugal, etc.)Work ethic? Stats from OECD show the opposite. Here's a chopped and channeled piece from a chart of annual hours worked. It happens to place Germany next to Greece alphabetically... Germany 1371, Greece 2042. Greeks work 49% longer than Krauts. Not a minor difference. In fact Germany has the SHORTEST hours of all the industrial nations for most years. A few times Norway beats Germany by a small margin. US comes in sort of midrange at 1690 for the latest year. The real difference is SYSTEM, not ethic. Germany is highly systematic about everything, training its workers to maximize their skills and insuring that its products have a competitive advantage in exports. Maximizing the value of each hour = minimizing the hours.
Labels: skill-estate
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