Turns out not a lot of people were real excited to drain boiling oil from pissed off soccer mom SUVs all day for ten dollars an hour until their arms fell off for no benefits. anyone who was talented enough on day 1 eventually became a hung over burnout that stripped bolts and took a lot of smoke breaks.
I think that a small number of talented people that will work themselves to death will be much more effective than a large group willing to work reasonable hours.
The cynic in me wonders if the attempt to turn overwork into a virtue is just to keep people busy enough that they don't stop to wonder what it's all for in the end. Somehow everyone seems to have forgotten that the economy should exist to serve people, not people serving the economy.
Not claiming this is necessarily effective.
It does show in the products. Great products like "Stripe" start out wonderful but in time slowly move away from that initial greatness into products that slowly get worse and the company lives on in a shadow of what they once were.
But yeah, if all you are trying to do is build out Facebook before some other social network gets there maybe it makes sense to pull 100 hour weeks.
There's lobbying by the AMA to keep a cap on residency spots to create artificial scarcity too. That partly explains the overworked schedule: it's either that or share the pie with a lot more professionals and earn less/have less bargaining power. So residency has turned into a kind of hazing ritual that selects for individuals that are more functional when sleep deprived.
This doesn't even begin to address the casualties from burnout, which can lead to depression, stress-related health issues, and suicide. How much compensation is worth that?
In the finance sector, which is almost literally swimming in money, I never understood why they didn't just hire more people and instead preferred to work the talented people they attract half to death.