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What I'm saying is you can't just count the beans.
Fewer work hours are recouped in a number of ways, like less sick leave and higher efficiency, maybe not 100%, but experience seems to show that a pretty significant part is. So "as efficient" is not true.
Of course you can't do this indefinitely, but you can increase efficiency most places by going down from 40.
I think you can count the beans. You’ll have less injuries better quality work and a better product or service overall.
One workplace injury over the life span of a business would save all the costs of the lower hours / same pay
Edit: I work in a large organization. Someone hurt themselves. The payout was so large that the bosses realized they could pay for more than hundreds of dollars of safety equipment per worker per year for the entire organization and still save money if it avoided one accident.
I could agree with you if we are talking about 80 hours/ week , but 40 hour is totally doable and not really even many hours to work.
As far as efficiency goes, that is an issue with companies that are enable to be inefficient by government controls and influences.