It's an interesting point, but it can be made for any industry out there today. I remember when the Germans and the Japanese were the hard working people and the Americans were more laid back, now it's the reverse, and most people just don't need all that money, but they do need time off.

Another point, is that working long hours does not equate with getting more work done. Most people will burn out. It's time to reward people for work done not how much time is spent at the office.