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"at least when jobs start to dry out, people will realize that an intermediate solution to increasing unemployment is letting people work less -- hopefully for similar pay" That doesn't check out. Either working shorter hours will produce the same result. This is true in knowledge workers etc., being more rested and well-being, and cutting on jabbering in the kitchen, you can produce the same net result easily in 5-6 hours a day instead of being overworked, sitting like a zombie for 10 hours. Then, while you pay the same for shorter hours, there will be no incentive to employ new workers, you pay the same, you get the same results, it is only done in shorter hours and pay-per-hour increased, but you don't need more workforce. Or working shorter hours will produce less results. This is true in "mechanical" jobs - e.g., car production lines, or in "overwatch" jobs - e.g., power plant control rooms. Then you will need more workers and have no incentive to pay the same for less results and then pay the same for new workers to make up the results. Yes, you can pay the same numerically for less hours (i.e. when forced by law), but now producing a unit of car, flour, bread, delivering a package from e-shop, programming a feature in software system costs more and the currency will be devalued. So you will work less hours, get the same pay (numerically), but for the same number, you will be able to buy less hours from others (whether it is a product or a service). |