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The big “leak” in our economic system is our inability to capture and fairly spread high productivity or creativity.

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South Korea Cuts Insanely Long Workweek

May 24, 2018 By Dr. Kate Jurow

South Korea has a 68-hour workweek, one of the longest in the OECD (Organization for Economic Co-operation and Development ): 68 hours. This will change in July, when the country introduces a (wait for it!) 52-hour week.

Historically, long hours pushed the booming economy in the 1980s and 1990s, as South Korea raced to catch up with “developed” Asian economies such as Japan, Hong Kong and Singapore. Today, South Korea is an Asian economic power. But that wealth has come at a cost. The birth rate is very low, young people are delaying or declining to marry, and there is a large gender pay gap. In addition, South Korea has relatively low productivity for a developed country.

While shortening the workweek, the government is hoping to boost employment, raise productivity and also quality of life. The government also raised the minimum wage. These are ambitious simultaneous goals. It will be interesting to watch South Korea’s progress in these areas in the coming years, to see how these measures affect wages, productivity, and social norms.

References and Sources

  • The Guardian South Korea Cuts 68-Hour Week
  • NPR South Korea Shortens Work Week
  • NY Times South Korea Politics of Prosperity

Tagged With: shorter hours, work time, workweek

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Founder Phil Hyde

Phil Hyde

A self-described “Renaissance man,” Phil Hyde was born in Canada. He received his bachelor’s degree in ancient languages and Near-Eastern Studies from the University of Toronto, and a master’s degree … [Read more...] about Phil Hyde

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