“Work is worship” is a popular saying attributed to several people from the 12th century philosopher Basavanna to Gandhi. Yet 20th century economists believed as humans trade off between work and leisure and they get more productive at work or as nations become richer, people will spend fewer hours working into the 21st century. However, that hasn’t particularly translated into reality. Indeed, in America, a phenomenon the author calls Workism has become prevalent, especially among the rich.
What is workism? It is the belief that work is not only necessary to economic production, but also the centerpiece of one’s identity and life’s purpose; and the belief that any policy to promote human welfare must always encourage more work.
Homo industrious is not new to the American landscape. The American dream—that hoary mythology that hard work always guarantees upward mobility—has for more than a century made the U.S. obsessed with material success and the exhaustive striving required to earn it.
In reality, for the whole American population, working hours has indeed reduced for the longest time except for the rich.
In 1980, the highest-earning men actually worked fewer hours per week than middle-class and low-income men, according to a survey by the Minneapolis Fed. But that’s changed. By 2005, the richest 10 percent of married men had the longest average workweek. In that same time, college-educated men reduced their leisure time more than any other group. Today, it is fair to say that elite American men have transformed themselves into the world’s premier workaholics, toiling longer hours than both poorer men in the U.S. and rich men in similarly rich countries.
This shift defies economic logic—and economic history. The rich have always worked less than the poor, because they could afford to. The landed gentry of preindustrial Europe dined, danced, and gossiped, while serfs toiled without end. In the early 20th century, rich Americans used their ample downtime to buy weekly movie tickets and dabble in sports. Today’s rich American men can afford vastly more downtime. But they have used their wealth to buy the strangest of prizes: more work!
This obsession with work has passed on to the millennial generation too, who are supposedly more liberated in their approach to life.
“…in a recent Pew Research report on the epidemic of youth anxiety, 95 percent of teens said “having a job or career they enjoy” would be “extremely or very important” to them as an adult. This ranked higher than any other priority, including “helping other people who are in need” (81 percent) or getting married (47 percent). Finding meaning at work beats family and kindness as the top ambition of today’s young people.
American Millennials have been collectively defined by two external traumas. The first is student debt. Millennials are the most educated generation ever, a distinction that should have made them rich and secure. But rising educational attainment has come at a steep price. Since 2007, outstanding student debt has grown by almost $1 trillion, roughly tripling in just 12 years. And since the economy cratered in 2008, average wages for young graduates have stagnated—making it even harder to pay off loans.
The second external trauma of the Millennial generation has been the disturbance of social media, which has amplified the pressure to craft an image of success—for oneself, for one’s friends and colleagues, and even for one’s parents.”
“The problem with this gospel—Your dream job is out there, so never stop hustling—is that it’s a blueprint for spiritual and physical exhaustion. Long hours don’t make anybody more productive or creative; they make people stressed, tired and bitter. But the overwork myths survive “because they justify the extreme wealth created for a small group of elite techies,” Griffith writes.
Workism offers a perilous trade-off. On the one hand, Americans’ high regard for hard work may be responsible for its special place in world history and its reputation as the global capital of start-up success. A culture that worships the pursuit of extreme success will likely produce some of it. But extreme success is a falsifiable god, which rejects the vast majority of its worshippers. Our jobs were never meant to shoulder the burdens of a faith, and they are buckling under the weight. A staggering 87 percent of employees are not engaged at their job, according to Gallup. That number is rising by the year.”
So how do you resolve this?
“One solution to this epidemic of disengagement would be to make work less awful. But maybe the better prescription is to make work less central.
This can start with public policy. There is new enthusiasm for universal policies—like universal basic income, parental leave, subsidized child care, and a child allowance—which would make long working hours less necessary for all Americans. These changes alone might not be enough to reduce Americans’ devotion to work for work’s sake, since it’s the rich who are most devoted. But they would spare the vast majority of the public from the pathological workaholism that grips today’s elites, and perhaps create a bottom-up movement to displace work as the centerpiece of the secular American identity.
The vast majority of workers are happier when they spend more hours with family, friends, and partners, according to research conducted by Ashley Whillans, an assistant professor at Harvard Business School. In one study, she concluded that the happiest young workers were those who said around the time of their college graduation that they preferred careers that gave them time away from the office to focus on their relationships and their hobbies.
How quaint that sounds. But it’s the same perspective that inspired the economist John Maynard Keynes to predict in 1930 that Americans would eventually have five-day weekends, rather than five-day weeks. It is the belief—the faith, even—that work is not life’s product, but its currency. What we choose to buy with it is the ultimate project of living.”
If you want to read our other published material, please visit https://marcellus.in/blog/
Note: The above material is neither investment research, nor financial advice. Marcellus does not seek payment for or business from this publication in any shape or form. The information provided is intended for educational purposes only. Marcellus Investment Managers is regulated by the Securities and Exchange Board of India (SEBI) and is also an FME (Non-Retail) with the International Financial Services Centres Authority (IFSCA) as a provider of Portfolio Management Services. Additionally, Marcellus is also registered with US Securities and Exchange Commission (“US SEC”) as an Investment Advisor.
