the fact that they were highly regulated and inflexible by American standards did not mean that Europe’s economies were necessarily inefficient or unproductive. In 2003, when measured in terms of productivity per hour worked, the economies of Switzerland, Denmark, Austria and Italy were all comparable to the US. By the same criterion Ireland, Belgium, Norway, the Netherlands and France (sic) all out-produced the US. If America was nevertheless more productive overall—if Americans made more goods, services and money—it was because a higher percentage of them were in paid jobs; they worked
...more