Europe appears to be lagging behind the US economically, with the eurozone’s GDP per capita dropping from 78% to 70.5% compared to the US from 2000 to 2022. One reason cited for this gap is the difference in work ethic, with Americans said to work harder than Europeans.
Despite efforts by some European countries to increase working hours per citizen to boost the economy, economist Sébastien Bock points out that the real issue lies in Europe’s lack of investment in new technologies. This lack of innovation and productivity growth poses a threat to Europe’s economic future.
Instead of focusing solely on increasing work hours, Europe must prioritize technological investment and innovation to bridge the economic gap with the US.
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