This week’s chart shows a strong negative correlation between hours worked and output per hour. Nevertheless, underlying factors seem to be driving this effect in at least some of the countries mentioned.
The experience of working from home is now starting to alter expectations of hybrid working. This certainly provides economic challenges, though it can also bring about opportunities.
Since April we have seen politicians around the world trying to roll back on the panic created by the Corona Virus. The machinery of government and its institutions, particularly areas involved in health, led by the World Health Organisation, embraced the idea of pandemic and effectively shut down the world’s economy.
Pre-pandemic research found heightened risk from working under certain conditions such as in isolation away from friends and family; extended or shift-pattern working hours, in dangerous environments, under inadequate supervision or at risk from organisational change (restructure/redundancy)- a list that makes clear what may be driving this Covid related increase in consumption.
It is imperative that the public are informed in a cogent, digestible and evidence-based manner on how best to limit new infections as the economy begins to get back on track. In the absence of clear, authoritative information that
Despite the unprecedented and, as yet, incalculable, cost of government measures, the OBR have stated that ‘we can be confident that the cost of inaction would ultimately have been much higher.’.