Daily Archives: July 24, 2012

Economic crises bring forth a great deal of nonsense. One of the most frequent bits of such nonsense is the idea that the countries in crisis in the eurozone are full of idle people, while the countries that are not in crisis are full of hard-working ones.

This, it so happens, is the reverse of the truth. Indeed, if one went by the hours worked on average by each worker, one would conclude that the fewer hours  people work, the less crisis-prone will be the country.

Here is a relevant chart for the eurozone, which comes from the Conference Board database I have frequently used. The reader will note that the crisis-hit countries are in the middle or right of the chart. (I have excluded former communist countries, which have somewhat different characteristics: most are much poorer than those listed below. But, again, the people in crisis-hit ex-communist countries, such as Estonia and Latvia, tended to work long hours.) Read more