Sen. Bernie Sanders (I-Vt.) on Wednesday introduced a bill to establish a standard four-day workweek in the United States without any reduction in pay. The bill, over a four-year period, would lowe…
Actually, you’d need to charge 25% more if you only had 80% of the work to match your current profits (considering only the time and materials for that product and ignoring all other business expenses / taxes / etc.), since 1/0.8 = 1.25. If the worker makes 1 widget a day, you need 25% extra per day to make up the lost widget and still make 5 widgets worth of profit.
Actually, you’d need to charge 25% more if you only had 80% of the work to match your current profits (considering only the time and materials for that product and ignoring all other business expenses / taxes / etc.), since 1/0.8 = 1.25. If the worker makes 1 widget a day, you need 25% extra per day to make up the lost widget and still make 5 widgets worth of profit.
Thanks for the correction. I believe my overall point still remains valid.
Even moreso than before! I’ll be watching this thread, I’m curious how people are modelling the economic outcomes here.