weekly working hours

[dimpy.handa]

The idea that reducing working hours will create jobs is part of the "lump of labour" fallacy and does not stand up to scrutiny, either in economic theory or in practice. In reality, either companies will seek to drive down real wages or overall economic activity will be reduced. In a globalised economy, it is unrealistic to make labour policy on a national basis. Unless competing economies implement similar rules, any restrictions on economic production may simply encourage the relocation of that production to an economy that is not encumbered with the same rules. This would be exacerbated by the fact that these less-regulated economies would be touting their low regulatory environment as a positive advantage in a bid to attract inward investment.

 

[swatiraohnlu]

A recent calculation by Wall Street 24/7 finds that a mere 25 mega-companies accounted for 700,000 layoffs. The disproportionate political clout of large firms means that economic policy is held hostage to a group of actors who have already undertaken significant disinvestment in the national economy.