Earlier quoted context omitted.
Productivity is not a goal in itself. It is a means to a healthy and happy populace. Europe doesn’t have record breaking GDP but features many of the happiest people in the world. Different values result in different measures of success, I guess
Productivity is ultimately the measure of the efficiency of human labor. The more productive workers are, the more free time they’ll have to do whatever it is they want to do to make themselves happy. In the short term, lagging productivity can be masked by debt spending and other measures, but in the long run, the only thing that increases human wealth and material abundance is labor productivity. Everything else is…
Just patently untrue. The more productive you are the more work your boss will send your way, while walking away with fatter margins. If he can. Which is where EU regulation comes in.
Europe’s rules govern the balance between capital owners and labor. It’s far from perfect but it has resulted in fairly stable and happy societies. (At least apart from certain external factors)
Now there is of course nothing wrong with productivity. It is, as you say, very good in many ways. But you cannot look only at a society’s productivity metrics to judge success-and my by success I mean happiness, because that is my goal. Look at happiness in the US vs Europe for example. I know where I’d rather live.
The optimal is not always the best for people.