Also factor in while there is a chance you may be rewarded for a 60 hour week, you are also driving wages overall downwards as two people working 60 hour weeks work the same number of hours as 3 people working 40 hours a week. Thus increasing the total labor pool and decreasing effective demand.

In my opinion you are often doing yourself and your fellow workers a disservice by working that much for free. If you own the company this is a different matter of course.

Also arguably, you probably aren't as productive pro rata working 60 hours as you are 40. So following that to conclusion the 3 people working 40 would be more productive than 2 people working 60.

There are mitigating factors to this i.e. each additional member of your headcount incurs their own cost overhead; also that certain roles and responsibilities can't be serialised so easily.