[psychometry]

Your first point is true, but it's not the only explanation for why people still work 40 hours a week. My explanation is far more influential.

And your second point is blatantly false. That's the same, tired, rhetoric Republicans have been spewing since Reagan. Owners of companies doing well won't reinvest that into their companies unless there is demand on the consumer side and they don't spend all of that money on consumables like a worker would (since they have to).