In Australia up until the 1980s, we had a strong tradition of trading increasing productivity for less working hours. We were the first nation to win the eight hour day.
But something changed. During the 1990s, we took the money instead. Those of us in full-time employment started to work longer hours. Increasing productivity went to increasing profits and wages (for some at least). In the 2000s, we continued to pay out the dividends of increasing productivity but the employers and their shareholders cut wage earners out of the bargain.
Productivity overshot wage growth – which is just a fancy way of saying your boss (or his bank) took your money. Us working harder is no longer a basis for our shared prosperity, although it is the foundation for somebody else’s profit. Our future prosperity won’t come from us individually working harder and longer – some of the poorest people in the world endure lives of unceasing toil.