In macro, we had a very interesting discussion around the various labor markets in the world. We listed some of the differences between Europe and the US: high labor rates, high firing and hiring costs, low mobility across sectors and countries despite free flow of labor, stronger inside power with trade union - who represent the interest of the employed - higher unemployment benefits (3 years in Europe vs days in the US), incentives for early retirement (larger percentage of people over 55 have left the workforce in Europe, which combined with pay-as-you-go pension systems add a tax burden on the active population), regulation of the number of hours worked, etc...etc...

The whole class seemed to try to understand how the French could get away with so little work during their lifetime...