How Money Works Just Work Six Days A Week! | How Money Works
Just Work Six Days A Week!
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Late last month, the paragon of wise economic decisions… Greece… introduced a SIX day forty-eight-hour work week.
The country did this at the same time as its European neighbours have been successfully experimenting with shorter four-day work weeks, but the Greek government has insisted that this new change is the key to tuning its economy around by simply working harder than everyone else.
It’s a bold strategy, and for the sake of working conditions everywhere we better hope it doesn’t work… unfortunately, it just might…
It’s very easy for Greek workers to find jobs that pay better in other countries because as a member of the European Union they are free to reside and work across borders with very few restrictions.
In order to correct for this loss of manpower the government has decided to introduce a six-day work week to make up for all the workers who have left the country and to support all the elderly people who can no longer support themselves.
By raw arithmetic their logic makes sense… kind of…
Output is the hourly productivity of a worker multiplied by how many hours they work. If Greece has fewer workers, it can increase its output by just getting those who are left to work even longer and harder.
Instead of magically creating high paying jobs like promised, what this new law is really about is squeezing the most out of workers on the other end of the pay scale.
Retail, transport, construction and hospitality are jobs where companies just need someone behind a counter or on the tools for as many hours of operation as possible to serve customers periodically.
A large share of what’s left of the Greek workforce are in these types of roles, and businesses are ALREADY demanding a lot of extra hours from their employees.
It won’t make workers work harder, it won’t create high paying jobs, it won’t improve productivity, it will drive away what few young workers the country has left, it will lower hourly wages and create terrible working conditions for the whole country.
It’s all around a terrible policy, but unfortunately, it’s not just Greece doing this.
So it’s time to learn How Money Works to find out why the six day work week might be catching on… everywhere…
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Disclaimer: This podcast is an independently produced audio adaptation of content originally created by How Money Works. It was developed by a fan who values the channel’s clear and engaging approach to financial education, with the goal of making that knowledge more accessible in a hands-free, audio format. This is not an official production of How Money Works, and it is not affiliated with or endorsed by the channel. All rights to the original video content remain with How Money Works. For any concerns, inquiries, or content-related requests, please feel free to reach out.
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