Quote of the Day

“Western European employees generally work fewer hours but are still paid well by international standards, vexing companies with operations in the region.”

International Herald Tribune, August 25, 2006, p 15.

The horrors of the European welfare state! Six weeks’ paid vacation, universal health care, free university education!

For an interesting paper, read “Why the Welfare State Looks Like a Free Lunch” by Peter H. Lindert (via Marginal Revolution). He writes, “There is no clear net GDP cost of high tax-based social spending on GDP, despite a tradition of assuming that such costs are large.”

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